'HK should spare no effort on RMB globalisation'
Chairman of HSBC Asia‑Pacific, Peter Wong, says Hong Kong should "spare no effort" in promoting the internationalisation of the renminbi. Speaking on RTHK's "On Broadcast Drive", he said Hong Kong's key advantage is being China's only international financial centre and promoting the renminbi's internationalisation would strengthen that position. He said Hong Kong needs to grow its pool of renminbi funds because the more money there is, the more products banks can offer. "If you have a big pool of funds, you can create new products," he said. "For example, if renminbi can be used to directly buy Hong Kong stocks, then other countries with surplus renminbi can come straight to Hong Kong to invest. That would make Hong Kong more and more vibrant. In this world, money attracts money." He also cited China's partners in South America, Africa and Asean that already use renminbi for trade settlement. He said if their surplus renminbi could be brought to Hong Kong, the city's renminbi pool would grow, making Hong Kong the biggest and strongest offshore renminbi centre. Edited by Tony Sabine
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