HKMA deputy on Hong Kong as centre of renminbi growth
Eddie Yue, a deputy chief executive of the Hong Kong Monetary Authority (HKMA), on May 23 examined the central role of Hong Kong in the expansion of the renminbi as an international currency.
Delivering a speech at the Global Offshore RMB Funding Forum 2012 in Hong Kong, Yue described the rapid growth of the renminbi in deposits, trade settlements and bond purchases handled by banks in Hong Kong. "Hong Kong still intermediates some 30% of the mainland's external trade and accounts for some 60%
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