The digital renminbi is facing an unprecedented strategic dilemma: how to uphold the "absolute red line" of national financial sovereignty while simultaneously meeting the enormous global demand for an efficient and programmable digital renminbi? Recently, on one side, there is the cautious attitude of Chinese regulators towards companies applying for stablecoin licenses in Hong Kong, while on the other side, the AxCNH offshore renminbi stablecoin quietly emerges in Kazakhstan. This "retreat and advance" outlines the core contradictions and possible future paths for the development of the digital renminbi. This article delves into the logic behind this dilemma and explores three potential development paths for the digital renminbi.