Hong Kong Seeks Bigger Yuan Role in Regional Trade, Treasury Chief Says

Hong Kong officials used last week’s Apec meeting to discuss reducing reliance on the US dollar and expanding the use of local currencies and the yuan for bilateral trade settlement, Treasury chief Christopher Hui Ching-yu said.

The discussions involved finance ministers and representatives from economies such as Brunei.

Discussions on the renminbi

Hui said the talks also covered the internationalisation of the renminbi and the need to connect government-level discussions with the business sector.

“They directly hope that through this meeting, not only to communicate at the government level, but also to communicate with our business sector on the internationalisation of the renminbi, especially regarding the use of local currencies,” Hui told the media.

His remarks placed business-sector communication alongside official discussions about the use of local currencies and the yuan in bilateral trade settlement.

Gains from hosting the meeting

On Sunday, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu shared lighthearted but telling anecdotes about the intangible gains Hong Kong made from hosting the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting.

He noted that delegates had been impressed by the city’s hosting of the meeting.

The comments added another dimension to Hong Kong’s role at the gathering: alongside discussions on reducing reliance on the US dollar, the city highlighted the value of connecting official discussions with communication involving the business sector.

The meeting therefore provided a setting for Hong Kong to promote wider use of the yuan and local currencies while discussing the internationalisation of the renminbi with regional representatives.

Source: South China Morning Post