During a speech, the Under Secretary for Financial Services and the Treasury, Chan Ho-lim, emphasized that Hong Kong has become the world's largest offshore RMB business hub, boasting the largest offshore RMB funding pool, foreign exchange market, and over-the-counter interest rate derivatives market.
By the end of last year, total RMB deposits in HK (including certificates of deposit) reached approximately RMB 1.1 trillion, providing liquidity support for global offshore RMB trading and financial activities. The RMB real-time payment settlement system in HK is also experiencing growth, with an average daily transaction volume of RMB 30.975 billion in 2024, marking nearly a 50% year-on-year increase. Additionally, according to SWIFT, about 75% of global offshore RMB payments are processed through HK.
The Deputy Chief Executive of Bank of China (Hong Kong), Chan Man, stated that the bank, as the largest RMB clearing bank globally, continues to invest resources to enhance its RMB clearing services. Since December last year, the bank has extended its cross-border RMB clearing service hours, offering real-time cross-border RMB clearing services 24/7 from Monday to Friday.
Furthermore, the Bank of China (Hong Kong) is committed to promoting the two-way flow of cross-boundary wealth management funds and will continue to actively participate in the development of the offshore RMB market and financial market connectivity, aiming to meet the demand for RMB financial services through a diverse range of RMB products and applications.
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