Svmuu News: Hong Kong Financial Secretary Paul Chan published a column stating that he will continue to promote the internationalization of the renminbi and financial market connectivity to further consolidate Hong Kong’s position as a global offshore renminbi hub.
Data shows that currently, more than 70% of global offshore renminbi payments and settlements are processed through Hong Kong; the volume of RMB interbank settlements within the local banking system has exceeded 41 trillion RMB, equivalent to approximately 2 trillion RMB per day. With the assistance of the People’s Bank of China, the Hong Kong Monetary Authority has introduced a RMB funding arrangement mechanism to reduce banks’ costs of accessing RMB funds, thereby supporting trade financing and corporate operational needs; several banks have already expanded their related businesses under this arrangement.