Today (Oct. 15), at the HKEX FIC Summit APAC 2024, the Secretary for Financial Services and the Treasury, Christopher Hui, highlighted China's increasing integration into the international financial world as the second-largest global economy.
According to SWIFT data, as of August this year, the Chinese RMB has become the fourth most actively used currency for global payments, capturing about 4.7% of the market share. Hui noted that this increase is a result of China's economic growth and a strategic rise of the yuan as a global currency.
Hui further mentioned that Hong Kong, as a leading global offshore RMB business hub with the largest offshore RMB liquidity pool, will continue to develop a diversified ecosystem to enhance the global stature of the RMB.
Hui stated that Hong Kong, serving as a financial conduit for RMB transactions, can attract global capital, achieving a win-win situation. While consolidating its position as a leading international financial center, Hong Kong is also dedicated to strengthening its role in the fixed-income and currency markets. He plans to further develop the local bond market.
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