HKMA Says Yuan Trade Surge Shows Hong Kong’s Role Intact
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Hong Kong’s status as the world’s largest offshore yuan hub is intact as its trade settlement and lending in the Chinese currency climb, according to Hong Kong Monetary Authority Chief Executive Norman Chan.
Banks in Hong Kong handled 5 trillion yuan ($815 billion) of trades settled in the Chinese currency in the last 10 months, up 73 percent from a year earlier, Chan told reporters in Beijing yesterday. The city’s outstanding yuan loans totaled almost 170 billion yuan at the end of October, he said.