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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Rising energy prices increase inflation risks, Reserve Bank of Australia expected to implement the fourth rate hike of the year next week
As rising energy prices further highlight upward inflation risks, economists state that the Reserve Bank of Australia will raise its key interest rate next week and warn that there could be another hike in November.
Ark Invest increased its holdings of Meta Platforms shares by approximately 38.15 million dollars yesterday.
British Pound consolidates vs USD; bearish bias remains amid divergent Fed-BoE outlook
AI pharmaceutical company Iambic (IAM.US), supported by Nvidia, applies for US IPO to advance three early-stage cancer drugs
Iambic Therapeutics Inc. has filed for an initial public offering (IPO) in the United States.
Crypto prices
More
