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.

Trade volume by mainland Chinese investors buying and selling shares in Hong Kong via the southbound channel of the Stock Connect mechanism also jumped in April and May, averaging 35 billion yuan and 52 billion yuan, respectively, compared with 28 billion yuan in the first quarter.

The Hang Seng Index rose 7 per cent in the second quarter, recovering from a 14-per cent slump in 2023 and a 3-per cent decline in the first three months of the year.

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Article Details

Author / Journalist: Aileen Chuang

Category: Business

Markets: Hong Kong

Topics: Reached Trade Cent Kong July Hong Trillion Yuan Billion Deposits Chinese

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 17:30:10 (4 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 194 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 33 words per sentence (average)

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

Copyright Owner: © SCMP

News ID: 22346937

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