Chinese yuan deposits in Hong Kong exceed 1 trillion, cementing city’s offshore hub role

Quick Summary:

Improvement in equity-market sentiment and companies’ increasing need for yuan are driving the surge in deposits, according to analysts.

The total yuan remittance for cross-border trade settlement reached 1.28 trillion yuan, 1.6 per cent higher than in June.

The city’s significant population of investment banks, securities houses and family offices provides considerable investible capital for yuan products, said David Tsai, another partner at the law firm.“It could set the bar regarding regulation and product creation and continue to be the first mover,” he said.

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Article Details

Author / Journalist: Aileen Chuang

Category: Business

Markets: Hong KongChina

Topics: Deposits Billion Investors Month Cent Offshore Renminbi Kong Trillion Hong Yuan

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 17:30:10 (1 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 752 words

Reading Time: 5 minutes read

Sentences: 19 lines

Sentence Length: 40 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22306466

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