12/30/2023 0 Comments Wechat china ecny payThe growth momentum is supported by, and in turn promotes, Hong Kong’s development as the leading offshore RMB business hub. ![]() For example, last year the International Monetary Fund raised the weight of the RMB in the Special Drawing Rights percentage of RMB in foreign exchange market transactions has been picking up and lately the share of Mainland's external trade settled in RMB has seen renewed momentum. Such circulation system is getting more frictionless and mature over time, leading to increasing acceptance and use of RMB globally. By now, a well-developed two-way RMB circulation system is in place, enabling corporates and financial institutions to conduct different types of cross-border RMB transactions based on their needs. Since the launch of the cross-border RMB trade settlement arrangement in 2009, the channels of cross-border usage have kept expanding - from trade settlement to direct investment, to portfolio investment.Ĭonduits that connect onshore and offshore markets have continuously become wider and deeper. RMB internationalisation has made great strides in the past decade or so. Today I would like to talk about the opportunities for Hong Kong as RMB gains wider global acceptance, in particular in the Belt & Road context, and how Hong Kong in return can contribute to this process. Being the first RMB clearing bank with substantial expertise and stake in this subject, BoC(HK), I am sure, has lots of insights to share with us. ![]() I also look forward to the release of your annual White Paper on Renminbi (RMB) Internationalisation. Thank you Mr Sun and Bank of China (BoC) colleagues for organising this special event. It gives me great pleasure to join you today at the Belt and Road Initiative and RMB Internationalization Forum.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |