HKMA chief promotes renminbi in New York

RMB gaining global momentum.

According to a report, Hong Kong Monetary Authority Chief Executive Norman Chan said the renminbi's internationalisation is gaining momentum, and transactions with Mainland China previously conducted in other currencies are now increasingly conducted in renminbi.

Mr Chan was speaking to about 230 representatives from US corporate and financial institutions attending a June 11 seminar on offshore renminbi business in New York, presented by the authority and the Trade Development Council.

He said demand for offshore renminbi financial services and products will rise.

“The comprehensive, one-stop renminbi business platform in Hong Kong could serve to support renminbi business development in other parts of the world. Already, many US banks are participants in the renminbi foreign exchange market in Hong Kong and we have also seen US corporates issuing renminbi bonds in Hong Kong.

"There is certainly room for further participation by US businesses in the renminbi market in Hong Kong to take advantage of the wider use of renminbi in international transactions."