Hong Kong Exchange (HKEx) Chief Executive Li Xiaojia recently commented that Hong Kong should seize the opportunity to participate in the internationalization of the RMB in the next ten years. He believes this will provide Hong Kong a big chance for development. It will enhance Hong Kong’s status of an international financial center. Li believes HKEx should take 3 steps: (1) Establish a basic infrastructure such as a settlement system; (2) Offer RMB-based financial products at the right time; (3) Improve the service level and risk management. Li believes the RMB has already started to be a regional settlement currency, and it will be an investment currency. In the end it will become an international reserve currency.
Source: Xinhua, January 25, 2010