In FocusCan Hong Kong deliver in trying to build its yuan credentials?
As geopolitical rivalries deepen, the city is rewiring its market infrastructure to cut reliance on the US dollar and power China’s currency
In September, Chief Executive John Lee Ka-chiu unveiled the city’s first five-year plan along with his policy address, highlighting Hong Kong’s strategic role in promoting the greater use of the yuan outside mainland China as a key priority.
In the first of a four-part series on the internationalisation of the yuan, Lam Ka-sing and Denise Tsang examine Hong Kong’s efforts as an international financial centre to reform its market infrastructure, including building a larger offshore renminbi ecosystem.
As Chinese President Xi Jinping and his American counterpart, Donald Trump, met in Washington for a historic summit last month, Hong Kong was preparing for a longer-term move: reducing reliance on the US dollar and boosting the yuan’s global use.
