hong kong official: hong kong has become the world's largest offshore rmb business center
2024-09-23
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
china news service, hong kong, september 23 (reporter dai xiaoli) hong kong special administrative region government financial services and the treasury bureau director xu zhengyu said on the 23rd that hong kong has become the world's largest offshore rmb business center. as of the end of july 2024, hong kong had a total deposit of about 1.19 trillion yuan, the world's largest offshore market; and from january to july this year, hong kong handled about 80% of the world's offshore rmb settlements.
xu zhengyu attended the "hong kong offshore rmb center annual forum and national day 75th anniversary rmb development contribution award" event co-organized by new town finance channel and hong kong ta kung pao media group in hong kong that day and said that hong kong's offshore rmb business has developed rapidly in the past year, contributing to the two-way opening of china's mainland capital market to the world.
xu zhengyu said that the interconnection between hong kong and the mainland's financial markets has been increasing in volume, with the addition of the shanghai-hong kong stock connect, the bond connect, the cross-border wealth management connect and the swap connect, further affirming hong kong's important role as a "super connector" and a "super value-added person". the bond connect has further optimized the connection between hong kong and the mainland's financial market infrastructure. from january to july this year, the average daily turnover of the bond connect northbound reached rmb 44.7 billion.
xu zhengyu said that after the shenzhen municipal people's government and the hainan provincial people's government issued rmb bonds through hong kong's financing platform, the guangdong provincial people's government also issued 5 billion yuan of offshore rmb local government bonds in hong kong for the first time in early september this year. hong kong should fully play its role as a bridge between international funds and the financing needs of high-quality projects in the mainland, and encourage mainland enterprises and institutions to participate in the hong kong bond market to help the internationalization of the rmb.
xu zhengyu said that in terms of promoting the development and application of digital rmb, the hong kong monetary authority announced in may this year that its cooperation with the people's bank of china on the cross-border payment pilot of digital rmb has achieved further results, expanding the scope of the pilot of digital rmb in hong kong, facilitating hong kong residents to open and use digital rmb wallets, and adding value through "fps" to improve cross-border payment efficiency and user experience. four digital rmb operating institutions and 17 local retail banks in hong kong will participate in the plan and provide services. (end)
