Paul Chan: Over 70% of global offshore RMB payments and settlements are completed through Hong Kong
Odaily reported that Hong Kong Financial Secretary Paul Chan Mo-po released a blog post stating that Hong Kong will continue to promote the internationalization of the RMB and the interconnection of financial markets, further strengthening Hong Kong’s position as the global offshore RMB hub.
According to data, currently more than 70% of global offshore RMB payments and settlements are conducted through Hong Kong; the local banking system’s RMB interbank settlement volume has exceeded 41 trillion RMB, equivalent to around 2 trillion RMB daily. The Hong Kong Monetary Authority, with the assistance of the People’s Bank of China, has launched an RMB liquidity arrangement mechanism to reduce banks’ costs of obtaining RMB funds, supporting trade finance and corporate operational needs. Several banks have already expanded related businesses based on this mechanism.
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