Hong Kong Completes Over 70% of Global Offshore RMB Settlements, Monthly Volume Exceeds 41 Trillion Yuan

According to Hong Kong Financial Secretary Paul Chan on July 5, over 70% of global offshore RMB settlements and payments are completed through Hong Kong. Local bank interbank RMB settlement volume has exceeded 41 trillion yuan, averaging approximately 2 trillion yuan daily. Hong Kong Monetary Authority has launched an RMB Liquidity Arrangement mechanism to reduce banks' cost of obtaining RMB funds and support trade financing and enterprise operations.
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