Swap Connect signals renminbi's global power potential

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

The offshore tender of six-month bills will be launched on January 15 via the HKMA's Central Moneymarkets Unit and comes with the currency under pressure.

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

The broker's frozen client accounts are held by an entity suspected to be involved in a fraudulent scheme to create a false or artificial appearance of demand for shares in an IPO, the SFC said.

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.

The regulator has teamed up with 16 market participants to explore the viability of CBDC implementation. However, questions around interoperability, monetary sovereignty and the role of the traditional banking system remain.