Former PBOC Chief Zhou Pushes Back Against China Stablecoin Idea

China’s former central bank chief Zhou Xiaochuanissued a warning about the potential dangers of stablecoins, putting him in opposition to growing calls by policy advisers and economists for China to consider their use.

Speculation in stablecoins could undermine financial stability, Zhou said in a mid-July closed-door meeting, an account of which was posted by the Beijing-based economic think tank CF40 Wednesday. The posting didn’t indicate who participated in the session.

Zhou Xiaochuan

Photographer: Kiyoshi Ota/Bloomberg

Zhou ran the People’s Bank of China from 2002 to 2018,overseeing many reforms to China’s monetary policy and foreign-exchange operations. He also at one point ...