In his late February speech unveiling Hong Kong’s Financial Budget 2024-25, financial secretary Paul Chan said the government will “press ahead with the development of an offshore Renminbi Rmb ecosystem” to promote the currency’s internationalisation, in the largest offshore Rmb liquidity pool at over Rmb1 trillion $139.2 billion.
To achieve this, Hong Kong is working to facilitate Rmb cross-boundary investment and two-way fund flows between the Special Administrative Region SAR and mainland China. Encouraging financial institutions to provide more offshore Rmb products and risk management tools, as well as carrying our Rmb financing in Hong Kong are among some of the measures.
“We want to be...
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