Hong Kong wants sharper edge in RMB trading

City to retain top spot as global offshore RMB business.

Secretary for Financial Services and the Treasury Prof K C Chan has confirmed that Hong Kong will continue to promote its services as a global offshore RMB business center provides for corporates and financial institutions.

Chan said the demand for RMB financial services from overseas individuals and corporates will increase gradually with the wider use of RMB in cross-border trade. He noted that it is a natural development that overseas financial centers are making efforts to promote RMB business.

Chan emphasized that Hong Kong has a “first-mover advantage” over other locations for launching an offshore RMB business. Hong Kong has long been a platform for mainland China to trade and invest overseas.

With more business transactions being settled in RMB, Hong Kong can have a role to play and can seize the business opportunities that come with it.

Hong Kong remains the largest and most competitive offshore RMB business center and a one-stop service to firms from around the world. Hong Kong also has the largest offshore RMB liquidity pool and financing market, with a diversified range of RMB-denominated products on offer.

Chan noted that details of the clearing arrangements between Taiwan and the mainland have yet to be announced. Hong Kong has also been closely monitoring the development of RMB business in other locations such as London and is promoting cooperation and establishing linkages between these places and Hong Kong's offshore RMB platform.

These actions will advance Hong Kong's important role as the offshore RMB business center.