FSDC Industry Exchange Series – Accelerating Offshore RMB Market Development: Enriching Hong Kong's Offerings as an International Financial Centre

The emergence of the RMB as a significant player in the global financial landscape underscores China’s ascendance in the world economic structure. Hong Kong, as the most open territory in China and a crucial gateway between the country and the global community, serves as a conduit for the RMB’s entry into wider circulation. The city’s sophisticated financial infrastructure and its status as a global financial centre provide the requisite conditions for the RMB’s offshore expansion. Instrumental to this process has been establishing a range of mutual market access schemes, which have facilitated seamless cross-boundary capital flows. As a result, Hong Kong has become a leading offshore RMB centre, boasting the largest RMB deposit pool among RMB offshore markets – amounting to over RMB 954.7 billion at the end of January 2024^[1] and a diverse portfolio of Mainland product offerings.

Progress of RMB internationalisation has slowed in recent years. However, noting the evolving global landscape and other domestic and external drivers, RMB internationalisation is poised to move forward globally. Along the trend is an uptick in demand for the RMB as an international medium of exchange, a tool for financing, and an investment currency. To capture these opportunities, support national development, and strengthen its status as an international financial centre (IFC), Hong Kong must proactively adapt and respond.

The Financial Services Development Council has conducted a study to review current mutual market access schemes and new areas for strengthening connectivity, as well as enhancements for the depth and breadth of Hong Kong’s offshore RMB market and RMB ecosystem.

You are cordially invited to join our Industry Exchange Series webinar to learn more about the paper. Our distinguished speakers will discuss potential areas for refinement and opportunities to leverage Hong Kong’s seamless regional connectivity and other RMB business initiatives for the sustainable and long-term growth of the city’s offshore RMB businesses.

Panellists:

• Ms Ding Chen, Chief Executive Officer, CSOP Asset Management Limited (See Bio)
• Mr Thomas Fang, Managing Director, Head of China Global Markets, QFII Representative, UBS AG (See Bio)
• Dr Lin Yong, Deputy Chairman and Chief Executive Officer, Haitong International Securities Group Limited (See Bio)

Moderator:

• Dr Rocky Tung, Director & Head of Policy Research, FSDC (See Bio)

Language:
Putonghua

Supporting Organisations:

• CFA Society Hong Kong
• Chinese Asset Management Association of Hong Kong
• Hong Kong Institute of Certified Public Accountants
• Hong Kong Investment Funds Association
• Hong Kong Investor Relations Association
• Hong Kong Securities and Investment Institute
• Hong Kong Venture Capital and Private Equity Association
• Institute of Financial Technologists of Asia
• The Chamber of Hong Kong Listed Companies
• The Hong Kong Independent Non-Executive Director Association
• The Hong Kong Institute of Bankers
• The Institute of Financial Planners of Hong Kong
• Treasury Markets Association
• World Alliance of International Financial Centers
• CFA Society Hong Kong
  
  

^[1] HKMA, (February 2024), Monetary Statistics for January 2024, https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/02/20240229-7/

Click here to download the presentation slides.

Click here to download the research report.