Hong Kong consolidates dominance as offshore RMB hub

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Hong Kong continued to handle large volumes of renminbi trade in 2012, further strengthening its position as a centre of trade in the currency, according to the Hong Kong Monetary Authority's (HKMA) annual report, published today.

HKMA chief executive Norman Chan said trade settlements in renminbi handled by banks in Hong Kong last year rose 37%, compared with 2011, to reach 2.63 trillion yuan ($426 billion). He said Hong Kong remained the "biggest and most liquid" renminbi market in the world

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