Hong Kong is exploring the interoperability of the digital yuan (e-CNY) with tokenized bank deposits, regulated stablecoins, and tokenized assets to expand the international use of the renminbi. Hong Kong Chief Executive John Lee included promoting the offshore use of the renminbi as a key focus in the five-year plan announced in September. The People's Bank of China (PBOC) launched the Cross-border Digital Yuan Transfer Service (CBETS) this year and participates in the mBridge project with Hong Kong, Thailand, and the UAE. mBridge had processed a cumulative 500 billion yuan in transactions by the end of 2025, increasing to 600 billion yuan by June of this year. When asked in a Senate hearing in February about China challenging U.S. financial leadership through digital technology, U.S. Treasury Secretary Scott Bessent stated that Hong Kong has a "very large sandbox." As of August, Hong Kong held over 1.1 trillion yuan in deposits and processed approximately 76% of offshore RMB payments in June. By January 2026, the number of digital yuan wallets in Hong Kong increased to 80,000, and local accepting merchants grew to 5,200. Experts interviewed also pointed out that payment technology itself cannot create international demand for the renminbi, and insufficient participation from Western banks, differences in anti-money laundering rules, and geopolitics remain major obstacles.