陈茂波: Over 70% of Global Offshore RMB Payments and Settlements Processed Through Hong Kong

Odaily reported that Hong Kong's Financial Secretary, Paul Chan, stated in his official blog that the city will continue to promote the internationalization of the RMB and the connectivity of financial markets, further solidifying Hong Kong's status as a global offshore RMB hub.

Data shows that currently, over 70% of global offshore RMB payments and settlements are processed through Hong Kong. The total volume of RMB interbank settlements in the local banking system has exceeded 41 trillion RMB, equivalent to approximately 2 trillion RMB per day. With the assistance of the People's Bank of China, the Hong Kong Monetary Authority has launched an RMB funding arrangement mechanism to lower the cost for banks to access RMB funds, supporting trade financing and corporate operational needs. Several banks have already expanded related businesses based on this mechanism.