China Watch Blog has learnt that by the end of September this year, total renminbi deposits had reached RMB622 billion or US$97 billion. Also, renminbi trade settlement handled by Hong Kong banks is estimated to exceed 1.5 trillion renminbi this year.
Since August, the Central Government of China has announced and implemented a range of initiatives that will help build Hong Kong’s strength as the nation’s offshore centre for renminbi business.
In his address on “Seeking Stability in an Unstable World” at the Asia-Pacific Economic Cooperation CEO Summit in Honolulu, Chief Executive Donald Tsang, said: “We look forward to playing a full and pivotal role in the gradual liberalisation of the Mainland currency. Not only will this firm up Hong Kong’s financial-services sector in times of global uncertainty, it will – I believe – provide stability and opportunity to the global financial system.
“Seeking stability in an unstable world is a collective task and obligation,” he said.
“Since the launch of renminbi banking in Hong Kong in 2004, the scope of business and the pool of renminbi liquidity have expanded rapidly. We have embraced the introduction of renminbi bonds since 2007 and renminbi trade settlement since 2009. Banks in Hong Kong can now offer a range of renminbi services to personal and corporate customers,” Tsang said.