'HK should spare no effort on RMB globalisation'

HSBC Asia-Pacific's Peter Wong urged Hong Kong to do everything possible to promote the internationalization of the renminbi. Speaking on RTHK's On Broadcast Drive, Wong argued that Hong Kong's primary advantage is being China's only international financial center. He believed that promoting the renminbi's internationalization would bolster Hong Kong's position.

Wong emphasized the importance of expanding the pool of renminbi funds, stating that the more money there is, the broader range of products banks can offer. He provided an example, suggesting that if renminbi could directly purchase Hong Kong stocks, other countries with surplus renminbi would flock to Hong Kong for investment. Wong argued that money attracts more money.

He also mentioned China's partnerships in South America, Africa, and ASEAN that already utilize renminbi for trade settlements. Wong suggested that if surplus renminbi from these regions could be directed to Hong Kong, the city's renminbi pool would grow, making Hong Kong the largest and most robust offshore renminbi center.