"Singapore's daily average foreign exchange transaction volume has recently surpassed that of Hong Kong. Shanghai yesterday (August 24) also announced the ambitious "Shanghai International Financial Center "14th Five-Year Plan".
Zhou Chengjun, director of the Financial Research Institute of the People's Bank of China, did not forget to "beat" Hong Kong at the "14th Five-Year Propaganda Conference" held last week, indicating that many cities are still competing for the "laurel crown" of offshore RMB centers.
He clearly pointed out that although Hong Kong has the world’s largest offshore renminbi deposits, offshore renminbi settlement business, and offshore renminbi bond issuance, "but this is not an ideal state, or even an appropriate state. In my central bank’s view, it can be done. Better, the role of infrastructure can be played better, and the mission entrusted to Hong Kong by the "14th Five-Year Plan" can be played more fully."
For Hong Kong, how should we play better to complete the "offshore renminbi" The great mission of the "hub"?
We may be able to find answers from the international demand of the RMB and the supply of the three major currency functions of trade settlement, investment reserves and pricing; and the process of exploration requires ambition, creativity and even technology to identify opportunities for the development of offshore markets and provide perfection. Appropriate solutions for offshore functions will build Hong Kong into an international financial center with brand-new connotations.
Shanghai announced the "14th Five-Year Plan for the Construction of Shanghai's International Financial Center" last week. Hong Kong must be prepared to compete with other Asia-Pacific cities for an "offshore RMB center". The picture shows Shanghai Pudong District.
(VCG)
Series of articles:
one. "The 14th Five-Year Plan" defines the role of an "offshore hub" How Hong Kong helps the internationalization of the RMB
two. "Starting" and "Adjustment" RMB realizes "from zero to one" in Hong Kong
three. RMB internationalization "restarts", Hong Kong should advance "from 1 to N" through settlement, reserve, and pricing
Four. Dialogue with Zhang Ming, a national financial scholar: The importance of Hong Kong on the new journey of RMB international
For details, please read the 280th "Hong Kong 01" Electronic Weekly Newsletter (August 30, 2021)
"Renminbi Internationalization "Restart", Hong Kong should promote "from 1 to N" through settlement, reserve, and pricing"
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Highlights of the 280th Weekly Report:
"The 14th Five-Year Plan" defines the role of an "offshore hub" How Hong Kong helps the internationalization of the RMB
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