Hong Kong renminbi settlements jump 37% in 2012

Amount handled was 90% of the mainland’s cross-border trade in RMB.

Total Renminbi trade settlements handled by Hong Kong banks in 2012 exceeded US$413 billion, 37% higher year-on-year. Hong Kong's Financial Secretary John Tsang said Hong Kong is now the world's largest and most efficient offshore RMB business hub.

Hong Kong also has the world's largest offshore pool of RMB. Total RMB deposits and outstanding RMB certificates of deposits stood at US$662 million in 2012.

Tsang noted that Hong Kong also serves as a platform for enterprises and financial institutions to carry out various financial activities such as RMB payments, financing and investments.

Hong Kong's RMB bond market also showed continuous growth. Outstanding RMB bonds issued in Hong Kong in 2012 exceeded US$36.9 million, an increase of 62% over 2011.

Tsang said the range of offshore RMB investment products has been broadened since the launch of RQFII. Hong Kong will continue the dialogue with the relevant Mainland authorities to expedite the next stage of RQFII's expansion, which will include extending the pilot scheme to qualified Hong Kong financial institutions.