PBOC Deputy Governor Vows to Expand Yuan’s Global Reach Via Hong Kong Hub

HONG KONG — China intends to broaden global investors’ access to renminbi-denominated assets and reinforce Hong Kong’s status as the premier offshore hub for the currency’s internationalization, a senior central bank official said Tuesday.

“We must fully leverage currency swap arrangements to deliver stable, multi-tiered renminbi liquidity support to the offshore market,” People’s Bank of China Deputy Governor Zou Lan told the Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit.

Zou emphasized that Beijing’s commitment to high-level financial opening-up and a market-determined exchange rate mechanism would reduce uncertainty in cross-border trade and investment, thereby anchoring investor confidence. — Reuters

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