HKMA unit aims to boost Hong Kong's international Rmb hub status

Rmb internationalisation faces challenges from Trump’s determination to keep the US dollar as the leading global currency; FA understands that Hong Kong is taking a more "commercial" approach.
February 24, 2025

A newly operational unit of the Hong Kong Monetary Authority HKMA is set to boost Hong Kong as an offshore renminbi Rmb hub, as the internationalisation of the Chinese currency is challenged by Sino-US tensions and US president Donald Trump’s determination to maintain the supremacy of the US dollar as the global reserve currency.

Since January 1, the CMU OmniClear CMUOC has been carrying out operations and business development activities of the HKMA's Central Moneymarkets Unit CMU. CMU is a central securities depository in Hong Kong, offering clearing, settlement and custodian services for multi-currency debit securities in Hong Kong and international markets.

“Going forward,...

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