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Monday, Oct 02, 2023

Hong Kong's Top Finance Officials Tout City's Role in Yuan Internationalization

Hong Kong's Top Finance Officials Tout City's Role in Yuan Internationalization

Subtitle: Paul Chan and Christopher Hui speak at Caixin summit and Lujiazui Forum, emphasizing Hong Kong's leading position in offshore yuan market
Hong Kong's top finance officials have recently attended two events, the Caixin summit in Hong Kong and the Lujiazui Forum in Shanghai, where they emphasized Hong Kong's role as a key offshore financial hub for China and its yuan internationalization ambitions.

Speaking at the Caixin summit, Financial Secretary Paul Chan said that Hong Kong is already the leading market for the offshore yuan, processing over 75% of global settlements. He said that Hong Kong is well-positioned to continue playing a crucial role in China-foreign collaborations in the post-Covid era.

"Hong Kong is a unique financial center with a deep pool of talent, a sound regulatory framework, and a robust infrastructure," Chan said. "We are committed to providing a platform for businesses from around the world to access the Chinese market."

At the Lujiazui Forum, Securities and Futures Commission Chairman Christopher Hui said that Hong Kong is "doing lots of jobs" when it comes to China's yuan internationalization ambitions. He said that the SFC is working with the People's Bank of China to develop new products and services that will make it easier for businesses to use the yuan in international trade and investment.

"We are committed to making Hong Kong the premier offshore yuan hub," Hui said. "We believe that the yuan has the potential to become a major global currency, and we are confident that Hong Kong will play a leading role in its internationalization."

The speeches by Chan and Hui come at a time when there is growing interest in the yuan from businesses around the world. The yuan is now the world's fifth most traded currency, and its internationalization is seen as a key part of China's economic growth strategy.

Hong Kong is well-positioned to play a leading role in the yuan internationalization process. The city has a long history of financial intermediation, and it is home to a large pool of talent with expertise in Chinese markets. Hong Kong also has a sound regulatory framework and a robust infrastructure that can support the growth of the offshore yuan market.

The speeches by Chan and Hui are a strong signal of Hong Kong's commitment to the yuan internationalization process. The city is well-positioned to play a leading role in this important initiative, and its efforts will help to promote the use of the yuan in international trade and investment.

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