Financial Secretary Paul Chan said the city will keep expanding yuan internationalization and market connectivity, reinforcing Hong Kong’s position as the main offshore yuan hub handling more than 70% of global offshore yuan payments.
Hong Kong plans to keep advancing yuan internationalization and closer financial market connectivity, Financial Secretary Paul Chan said, underscoring the city’s strategy to strengthen its role as a global offshore yuan hub. Chan said more than 70% of global offshore yuan payments and settlements are processed through Hong Kong. He added that local interbank yuan settlement has exceeded RMB 41 trillion, equivalent to about RMB 2 trillion a day, highlighting the scale of renminbi activity already concentrated in the city.