PBOC to issue record Rmb60bn of bills in Hong Kong

In a milestone development for the SAR, the two firms plan to launch and integrate stablecoin related payment products over the next few months.

In order to help residents use the currency in Hong Kong, the HKMA has linked the digital currency with the Faster Payment System. In addition, corporate use cases for cross-boundary trade settlement will be explored.

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.

Eddie Yue was appointed by Hong Kong financial secretary Paul Chan as the SAR promotes its Rmb offshore hub status.

The aim is to help firms comply with US withholding tax requirements on foreign persons and entities, as the total issuance for dim sum bonds in 2023 tallied $76 billion in Hong Kong.

The central banks of both jurisdictions have issued statements on the back of Credit Suisse’s merger with UBS that saw $17 billion in AT1 bonds wiped out.