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Xinhua: Hong Kong Plays an Important Role in Internationalizing the RMB

Tsang Chun-wah, Financial Secretary of the Hong Kong S.A.R. government, recently commented that 75% of the cross-border RMB settlements are made through Hong Kong. In the first half of this year, cross-border RMB settlements reached a total of RMB 67 billion. Tsang believes that Hong Kong will play a more and more important role in the process of internationalizing the RMB. He suggested that the Chinese economy is bringing Hong Kong new potential as a global growth leader. Hong Kong is becoming a very good place to raise capital. In the future, Tsang believes, one of the areas Hong Kong plans to focus on is RMB offshore transactions.

Source: Xinhua, November 16, 2010