Hong Kong's offshore renminbi market is undergoing new changes. According to the data, Hong Kong's RMB settlement volume rose to 53.2 trillion yuan in June, setting a record. The settlement scale in Hong Kong surpassed the Hong Kong dollar and the US dollar for the first time. Furthermore, Hong Kong's offshore RMB deposits reached a record high of 1.13 trillion yuan at the end of May, and RMB bond issuance increased 33% year-on-year during the year. Many experts interviewed believe that the simultaneous increase in clearing volume, deposits, and bond issuance means that the function of Hong Kong's offshore RMB market is being further extended from trade settlement to financing, investment, and asset allocation. The internationalization of the RMB is also gradually moving from “expanding usage scenarios” to “enhancing financial functions.”

Hong Kong's offshore renminbi market is undergoing new changes. According to the data, Hong Kong's RMB settlement volume rose to 53.2 trillion yuan in June, setting a record. The settlement scale in Hong Kong surpassed the Hong Kong dollar and the US dollar for the first time. Furthermore, Hong Kong's offshore RMB deposits reached a record high of 1.13 trillion yuan at the end of May, and RMB bond issuance increased 33% year-on-year during the year. Many experts interviewed believe that the simultaneous increase in clearing volume, deposits, and bond issuance means that the function of Hong Kong's offshore RMB market is being further extended from trade settlement to financing, investment, and asset allocation. The internationalization of the RMB is also gradually moving from “expanding usage scenarios” to “enhancing financial functions.”