Hong Kong Financial Secretary Paul Chan: 70% of offshore RMB settlement completed via Hong Kong, monthly settlement scale exceeds 41 trillion yuan

CoinFeed July 5 news, Hong Kong Financial Secretary Paul Chan published a blog post, in which he pointed out that Hong Kong will continue to promote the internationalization of the RMB and the connectivity of financial markets, further consolidating Hong Kong's status as a global offshore RMB hub. Data shows that currently, over 70% of global offshore RMB payments and settlements are completed through Hong Kong; the scale of RMB interbank settlement in the local banking system has exceeded 41 trillion yuan, equivalent to approximately 2 trillion yuan per day. With China expanding high-level opening-up and enterprises accelerating global layout, the demand for RMB in cross-border trade, investment and financing, and capital settlement will continue to rise, driving further expansion of the offshore RMB market. In terms of policy support, the Hong Kong Monetary Authority (HKMA), with the assistance of the People's Bank of China, launched an RMB funding arrangement mechanism to lower the cost for banks to obtain RMB funds, in order to support trade financing and corporate operational needs. Multiple banks have already expanded related businesses based on this.