Hongkong Has The Largest Offshore RMB Pool To Pform Itself Into The Financial "Protagonist".

Ceng Junhua, the financial secretary of Hongkong, pointed out at the "Shanghai and Hong Kong Metropolis Development Seminar" on the morning of 24, Hongkong has the largest offshore RMB capital pool in the world. Now, 70% of the international RMB settlement is handled through Hongkong.

The average daily paction volume of Hongkong RMB real time payment system has exceeded one trillion yuan in recent months.

The Hongkong market also provides mature and diversified renminbi businesses, including investment, financing, asset management and bonds.

"I believe that in the near future, we can witness the historic moment when the International Monetary Fund (IMF) announced the inclusion of Renminbi in one of the currencies of special drawing rights (SDR)."

Ceng Junhua said.

Ceng Junhua also said that Hongkong took advantage of the unique advantages of "one country, two systems" in the past ten years to cooperate with the policy of RMB internationalization, and strive to seize all kinds of opportunities and develop into the largest offshore RMB business center in the world.

Hongkong's fair and internationalized business environment, sound judicial and regulatory systems, coupled with a sound infrastructure and a large number of financial professionals can provide high-quality "experimental fields" and "firewalls" for the internationalization of RMB, help mainland enterprises to "go out" and introduce foreign capital, and help to promote financial innovation and drive the mainland's financial system to gradually become international.

He also pointed out that Shanghai is the largest and most advanced in the mainland.

It has a vast economic hinterland, which brings together funds and talents from all over the country.

With the leading policies of Shanghai free trade area, the potential of capital market development is huge.

Hongkong and Shanghai have strong complementarities in financial development, and the cooperation space is huge.

Ceng Junhua said that Hongkong and Shanghai, as the two standardized commercial and financial centers of the country, have played an important role in the process of national economic reform and opening up, and are the main window for the country's opening up to the international market.

After many years of rapid development, China's economy has made brilliant achievements. Today it has become the second largest economy in the world, contributing thirty percent of the world's economic growth and promoting the world.

The main driving force.

Ceng Junhua pointed out that this year coincides with the RMB exchange rate reform 10th anniversary.

The RMB exchange rate mechanism was changed from a fixed exchange rate linked to the US dollar to a basket of currencies.

In August of this year, the people's Bank of China further improved the quotation of the middle price of the RMB exchange rate, injected more elements of marketization, and made the exchange rate mechanism more pparent.

"Formally implemented in November last year."

This is a good example, "Ceng Junhua said. Shanghai and Shanghai have opened up the stock markets of Hongkong and Hong Kong through the interconnection of capital markets, promoting the opening of the mainland's capital account and internationalization of the RMB.

Shanghai and Hong Kong have increased the two-way circulation of RMB funds between offshore and offshore markets, which is a mutually beneficial development for both Hong Kong and Hong Kong.

Ceng Junhua said that the country is about to enter the important moment of the 13th Five-Year plan.

Before the Central Committee adopted the "13th Five-Year plan proposal", deepening the financial reform and promoting the opening of the capital market are important areas in the program of economic reform. There is also mention of supporting Hongkong to strengthen the status of the global RMB business hub.

"I hope that Hongkong can cooperate with the financial opening measures launched by the Shanghai Free Trade Zone, and continuously enhance cooperation and expand the joint efforts to contribute to deepening the financial reform of the country."