John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region, delivered a video speech at the 2023 Caixin Summer Summit held in Hong Kong on the 9th, saying that as the world's largest offshore RMB business hub, Hong Kong has sufficient conditions and ability to play its role in promoting the process of Internationalization of the renminbi internationalization. John Lee Ka-chiu said that Hong Kong has a solid foundation to further strengthen the offshore RMB business. Hong Kong will actively promote the issuance and trading of RMB securities in Hong Kong, and support more mainland institutions to issue offshore RMB bonds in Hong Kong. Paul Chan Mo-po, Financial Secretary of the Hong Kong SAR Government, said when attending the summit that he believed that in the foreseeable future, more international trade would be settled in RMB, and more countries would increase the proportion of RMB as a reserve currency. In the future, Hong Kong will vigorously optimize infrastructure in Relevant market, build a more vigorous offshore RMB ecosystem, and provide more investment products and risk management products. According to the data of the SAR government, as of March this year, there were about 950 billion yuan of RMB deposits in Hong Kong. Approximately 75% of global offshore RMB payments are processed in Hong Kong, providing liquidity support for global offshore RMB transactions and financial activities. The Hong Kong Stock Exchange previously announced plans to launch the "Hong Kong dollar RMB dual counter model" and "dual counter banker mechanism" on June 19th. The relevant measures are an important step in the development of diversified RMB denominated products in Hong Kong, which will facilitate the use of RMB in Hong Kong stock market transactions and broaden the scope of RMB investment products. The 2023 Caixin Summer Summit will focus on the theme of "creating a new pattern of opening up". Participants will discuss issues such as Internationalization of the renminbi, high-quality development of the Guangdong–Hong Kong–Macao Greater Bay Area, talent and innovation development. (New News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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