Hong Kong seeks bigger role for yuan in regional trade, treasury chief says
Treasury chief Christopher Hui says city engaged with economies on expanding local currency and yuan usage for bilateral trade.
Quick Look
Hong Kong officials discussed reducing US dollar reliance and expanding yuan and local currency use for bilateral trade with economies like Brunei during the Apec meeting, treasury chief Christopher Hui said.
AI-generated summary
Why It Matters
Hong Kong officials attended the Apec Finance Ministers' Meeting to discuss regional financial cooperation.
Hong Kong officials held discussions with finance ministers and representatives from economies such as Brunei during last week’s Apec meeting on reducing reliance on the US dollar and expanding the use of local currencies and the yuan for bilateral trade settlement, the city’s treasury chief has said.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Sunday also shared lighthearted but telling anecdotes about the intangible gains made by the city from hosting the Asia-Pacific Economic Cooperation Finance Ministers’ Meeting, noting how impressed delegates had been.
“They directly hope that through this meeting, not only to communicate at the government level, but also to communicate with our business sector on the internationalisation of the renminbi, especially regarding the use of local currencies,” Hui told the media.
Open Questions
- Which specific economies besides Brunei participated in these talks?
- What concrete timelines were established for local currency trade settlements?
