Hong Kong SAR stands at the forefront of the renminbi's global journey, ready to power the next stage of its internationalization through robust infrastructure and a vibrant financial ecosystem.
Central to China's 15th Five-Year Plan is the expansion of the Cross-Border Interbank Payment System (CIPS). Since its launch by the Chinese mainland's central bank, CIPS has grown to connect over 1,700 participants and 5,000 banks across 190 countries and regions. RMB settlement in goods trade climbed to 27.2 percent in 2024 and further to 28.1 percent in the first half of 2025.
In 2024, CIPS processed 175 trillion yuan ($24.7 trillion) in cross-border payments, marking a 43 percent year-on-year increase. Average annual growth has topped 40 percent over the past five years. This surge has streamlined settlement, cut costs and reduced reliance on intermediary banks, laying a foundation for deeper offshore markets.
As Asia's leading offshore RMB hub, Hong Kong SAR offers deep liquidity, a trusted legal framework and advanced fintech capabilities. Financial institutions here are already piloting the International Digital RMB Operations Center and exploring a multilateral central bank digital currency bridge. By integrating CIPS with local payment rails, the city can boost real-time cross-border payments, support small-value transactions and enhance trade finance solutions.
For entrepreneurs, investors and digital nomads tracking emerging markets, Hong Kong SAR's role is clear. Its unique position bridges global capital with mainland innovation, making it a critical gateway for the renminbi as it continues to secure a top-three spot among global payment and trade finance currencies.
Looking ahead, collaboration between regulators, banks and fintech startups will be key. With ongoing enhancements to CIPS and digital RMB infrastructure, Hong Kong SAR is poised to drive the next wave of growth for the renminbi's international presence.
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Hong Kong SAR can power the next stage of RMB internationalization
cgtn.com
