Hong Kong is rapidly ascending to join the ranks of London and New York as a premier global financial hub, thanks to the ongoing internationalization of the Chinese currency, the renminbi (RMB). At the 2024 Financial Street Forum, Laurence Li, chairman of the Hong Kong Financial Services Development Council, shared insights with CGTN on how the RMB's growing global presence is pivotal in elevating Hong Kong's financial stature.
The increasing use of the RMB in international trade and investment is positioning Hong Kong as a key gateway for global businesses looking to engage with the Chinese mainland. This shift not only enhances Hong Kong's appeal to multinational corporations but also attracts a broader range of financial services, boosting the city’s economic landscape.
Li emphasized that the strategic initiatives undertaken by Hong Kong authorities are geared towards fostering a more integrated and resilient financial ecosystem. By leveraging the RMB’s international growth, Hong Kong aims to provide unparalleled financial services and innovations, ensuring its competitiveness on the world stage.
As the financial dynamics evolve, Hong Kong’s role is set to become even more critical, offering robust infrastructure and a favorable regulatory environment that supports both local and international investors. The alignment with major global financial centers like London and New York underscores Hong Kong’s commitment to maintaining its position as a leading player in the global economy.
Reference(s):
cgtn.com
