According to a Reuters report, the Chinese government has come to a consensus and is considering launching a yuan-backed stablecoin to promote the use of global currencies. Domestic deployment, with Hong Kong (and possibly Shanghai) as pilot locations, and details may be announced in the coming weeks. This round of stablecoins is being spearheaded by the United States, while Japan and South Korea are also accelerating their plans; the Chinese government hopes to keep up and not fall behind.