Paul Chan: Over 70% of global offshore RMB payments and settlements are conducted through Hong Kong.

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Odaily Planet Daily News: Hong Kong Financial Secretary Chen Maobo released an essay, saying that he will continue to promote the internationalization of the renminbi and improve financial market connectivity, further consolidating Hong Kong’s position as a global offshore renminbi hub.

Data shows that currently more than 70% of global offshore renminbi payments and settlements are completed through Hong Kong; the scale of renminbi interbank settlement in the local banking system has exceeded 41 trillion renminbi, which is equivalent to about 2 trillion renminbi per day. With assistance from the People’s Bank of China, the Hong Kong Monetary Authority has launched a renminbi funds arrangement mechanism to reduce banks’ costs of obtaining renminbi funds, supporting trade financing and corporate operating needs; several banks have already expanded related businesses on this basis.

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