HK has upper hand in yuan business says HKMA
(01-15 13:37)
Hong Kong has two major advantages in taking the leading role as an offshore yuan trading hub, said Hong Kong Monetary Authority chief Norman Chan Tak-lam.
One major advantage, he said, was that Hong Kong was the first mover in the yuan business, allowing individuals to open personal yuan accounts in 2004 and launching yuan settlements in 2009.
The geographical location of Hong Kong meant that the city is the gateway for China to trade globally. More than 30 percent of mainland trading is done through Hong Kong, he said.
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