, Hong Kong

Renminbi deposits in Hong Kong surge

Amount is 10 times higher than 2009.

The Hong Kong Monetary Authority said renminbi deposits and certificates of deposits held in Hong Kong jumped to US$113 billion in December 2012, 10 times higher than in 2009. This amount also represented a 5% increase from January 2012.

For 2012, more than US$418 billion in trade settlement transactions in the mainland currency were handled by banks in Hong Kong, up 30% from the previous year.

There are some 200 participants in the city's renminbi clearing platform. HKMA said Hong Kong has already become a global hub for offshore renminbi transactions.


 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Sri Lanka and Vietnam banks to boost 2025 financials
Sri Lanka’s political crises are receding; Vietnam will be lifted by higher loan growth
Retail Banking
What's in store for payments in 2025?
In emerging markets, digital wallets are evolving into bank account substitutes.
NRIC numbers alone cannot initiate payments, fund transfers: ABS
ABS advised customers to change their login passwords if they are using their NRIC number.