'HK should spare no effort on RMB globalisation'

HSBC Asia-Pacific chairman Peter Wong has urged Hong Kong to make maximum efforts in promoting the globalisation of the renminbi. Speaking on RTHK's On Broadcast Drive, Wong highlighted the city's unique advantage as China's sole international financial hub. He argued that bolstering the renminbi's international standing would bolster Hong Kong's position.

Wong emphasized the importance of expanding the pool of renminbi funds, as a larger pool would enable banks to offer a wider range of products. He pointed out that a substantial renminbi pool could facilitate direct purchases of Hong Kong stocks by overseas entities with surplus renminbi, thereby attracting more investment to the city.

Wong also pointed to China's partnerships with countries in South America, Africa, and Southeast Asia that already utilize renminbi for trade settlements. He suggested that allowing these surplus renminbi to flow into Hong Kong would significantly boost the city's renminbi pool, cementing Hong Kong's status as the world's premier offshore renminbi center.