{
  "id": 16464276,
  "title": "Hong Kong seeks bigger role for yuan in regional trade, treasury chief says",
  "url": "https://urgent.news/2026/10/25/hong-kong-seeks-bigger-role-for-yuan-in-regional-trade-treasury-chief-16464276",
  "topic": "world",
  "section": "World",
  "published": "2026-10-25T10:44:17.000Z",
  "source": {
    "name": "South China Morning Post - Hong Kong",
    "slug": "south-china-morning-post-hong-kong",
    "url": "https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3372073/hong-kong-seeks-bigger-role-yuan-regional-trade-treasury-chief-says"
  },
  "original_language": "en",
  "account": "During the recent Apec meeting, Hong Kong officials engaged in talks with finance ministers and delegates from various economies, including Brunei. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu revealed that the discussions aimed to decrease reliance on the US dollar and promote the use of local currencies and the yuan for bilateral trade settlements. Hui shared anecdotes about the intangible benefits gained from hosting the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting, emphasizing the delegates' keen interest in the internationalization of the renminbi and the utilization of local currencies for trade. He noted that since the COVID-19 pandemic, trade between Asia has significantly increased, and the Association of Southeast Asian Nations (Asean), comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and East Timor, has been Hong Kong's second-largest trading partner after mainland China. Hong Kong can potentially use local currencies or the renminbi more extensively for trade settlement, according to Hui. The Apec event enabled delegates to interact directly with local financial institutions, exploring how Hong Kong's financial ecosystem could cater to their specific requirements, such as issuing offshore yuan \"dim sum\" bonds or accessing other investment products in the currency. Strengthening Hong Kong's role in the internationalization of the yuan is a top priority in the city's five-year plan to 2030. Hui described the city's role at Apec as a \"facilitator of regional cooperation,\" complementing mainland China's role as a \"stabilizer\" in a complex geopolitical and economic landscape. Beyond enhancing regional currency ties, Hong Kong aims to become a global bullion hub, attracting companies seeking to store physical assets. To facilitate this, the government established a \"Gold Hotline\" regulatory fast track, streamlining the approval process for international gold refineries and storage providers. Hong Kong successfully secured nearly 20 warehouses storing over 60,000 tonnes of non-ferrous metals in just over a year, demonstrating its capacity to handle a growing demand for gold storage infrastructure.",
  "summary": "Hong Kong officials held discussions with finance ministers and representatives from economies such as Brunei during last week’s Apec meeting on reducing reliance on the US dollar and expanding the use of local currencies and the yuan for bilateral trade settlement, the city’s treasury chief has said. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Sunday also shared…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}