RENMINBI

With Hong Kong being an international financial centre, its financial services sector remains one of the most important economic pillars, accounting for 18.9% of the city’s GDP and providing some 258,500 jobs in 2017. Hong Kong was ranked 3rd in the Global Financial Centres Index (GFCI) and hosts the largest pool of RMB liquidity outside Mainland China. More

According to the Treasury Department’s latest semi-annual report to Congress on international economic and exchange rate policies released on 14 April, neither mainland China nor any other major U.S. trading partner meets the requirements to be designated as a currency manipulator. More

According to the Treasury Department's latest semi-annual report to Congress on international economic and exchange rate policies released on 9 April, neither mainland China nor any other major trading partner meets the requirements to be designated as a currency manipulator. More

After the launch of cross-border Rmb loans in Qianhai in early 2013, companies registered in Qianhai are now able to obtain Rmb funds from banks in Hong Kong. In the meantime, Qianhai is actively studying the possibility of allowing mainland funds to invest abroad through Qianhai and hopes to see more two-way Rmb flows. Hong Kong banks are also vying to play a bigger role in cross-border Rmb business and hope to grab a bigger piece of the pie in the process of Rmb internationalisation. More