“We need an enabling ecosystem that is characterised by easy access, stickiness and growth opportunities for international capital,” he said in an online release.
Yue added that banks should take “holistic, tailored” yuan products and services, leverage their global networks and seize the opportunities created by mainland Chinese companies expanding abroad.
He cited several “successful” examples, including full-fledged global yuan treasury management, yuan-denominated letters of credit, and changing the reporting currency in the financial statements of listed firms to the Chinese currency.
The urgency for action has increased as Hong Kong, long regarded as a global financial centre, faces an intensified challenge from Shanghai as an offshore yuan hub. The mainland Chinese city has received stepped-up support from Beijing, including approval for the offshore currency’s use in foreign-exchange trading within Shanghai’s free-trade zone.
At a media briefing held on Thursday, HKMA deputy chief executive Darryl Chan Wai-man emphasised the use of the yuan in supporting the real economy.
