HKMA unit aims to boost Hong Kong's international Rmb hub status

Rmb internationalisation faces challenges from Trump’s determination to keep the US dollar as the leading global currency; FA understands that Hong Kong is taking a more "commercial" approach.
February 25, 2025

A newly operational unit of the Hong Kong Monetary Authority (HKMA) is set to boost Hong Kong as an offshore renminbi (Rmb) hub, as the internationalisation of the Chinese currency is challenged by Sino-US tensions and US president Donald Trump’s determination to maintain the supremacy of the US dollar as the global reserve currency.

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