Chen Maobo: Hong Kong is the firewall and test field for the opening of the mainland's financial market and the internationalization of the RMB

Financial Secretary Paul Chan Mo-po said in a speech at a forum that Hong Kong is a firewall and a test field for the opening of the mainland's financial market and the internationalization of the renminbi, which will help steadily accelerate the process of renminbi internationalization.

Chen Maobo refers to Hong Kong as the firewall and test field for RMB internationalization (Government Information Services Department)

Chen Maobo (fifth from left in the front row), Pan Yundong, deputy commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs in Hong Kong (fifth from the right in the front row), Lu Feng, deputy director of the Economic Department of the Liaison Office of the Central Committee of the Communist Party of China (third from the right in the front row), and others attended the 2022 Belt and Road Financial Summit Forum .

(Government Information Service)

In his speech at the 2022 Belt and Road Financial Summit Forum today (21st), Chen Maobo pointed out that under the advantages of "one country, two systems", Hong Kong brings together the world's top financial institutions and talents, capital pooling, legal, accounting, engineering and other professional services. With the advantage of being interconnected with the mainland's financial market, Hong Kong can better provide mainland enterprises with more diversified financing channels and options for infrastructure projects along the "Belt and Road", helping them further "go global".

He continued that as the economic and trade relationship between the country and the countries along the Belt and Road gets closer, international trade will be more settled in RMB. In addition to providing important liquidity support for related offshore RMB transactions and financial activities, Hong Kong can also provide Renminbi funds from these countries provide better investment options, allowing these funds to be invested in the mainland market, and Hong Kong’s world-class financing platform’s functions and roles can be better played.

Hong Kong is the "firewall" and "experimental field" for the opening of the mainland's financial market and the internationalization of the renminbi, which can help to promote the process of renminbi internationalization in a prudent manner.

Chen Maobo also said that Hong Kong's financial technology infrastructure is well established, and the financial technology ecosystem is very vigorous, covering electronic payment, virtual banking, insurance technology and other fields.

This thriving ecosystem can serve the innovation and leapfrog development of countries along the “Belt and Road” in the financial field.

In addition, we are actively supporting and participating in the multilateral central bank digital currency bridge (mBridge) project to facilitate the cross-border use and cooperation of international central bank digital currencies, and contribute to the stable development of the international financial system.

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