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HK banks settle US$413b in yuan settlements
Source: Xinhua |
February 28, 2013, Thursday
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Print Edition
Print Edition
TOTAL yuan trade settlement handled by Hong Kong banks in 2012 surpassed 2.6 trillion yuan (US$413 billion), a year-on-year increase of 37 percent and representing more than 90 percent of the Chinese mainland's cross-border trade settled in yuan, Hong Kong's Financial Secretary John Tsang said yesterday.
Tsang told the city's lawmakers in his budget speech that Hong Kong is now the world's largest and most efficient offshore yuan business hub, with the world's largest offshore pool of yuan. Total yuan deposits and outstanding yuan certificates of deposits stood at 720 billion yuan at end-2012.
Hong Kong also serves as a platform to carry out various financial activities globally, he said.
Tsang told the city's lawmakers in his budget speech that Hong Kong is now the world's largest and most efficient offshore yuan business hub, with the world's largest offshore pool of yuan. Total yuan deposits and outstanding yuan certificates of deposits stood at 720 billion yuan at end-2012.
Hong Kong also serves as a platform to carry out various financial activities globally, he said.
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