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.