Renminbi trading eclipses HK$ in Hong Kong for first time

Result shows the renminbi’s rising importance in international trade.

The Hong Kong Monetary Authority said the renminbi’s daily average trading volume in Hong Kong leapt to a record in May, exceeding the volume of Hong Kong dollars for the first time ever.

Average daily renminbi trading volume rose to a record US$63.6 billion last month in Hong Kong. In comparison, the average volume of Hong Kong dollars traded daily was US$62.74 billion. HKMA expects turnover to rise further.

The growth of the offshore renminbi market in Hong Kong has grown continuously since it was launched in 2010. Deposits have jumped from less than 1% of total deposits in Hong Kong’s banking system to some 10% today.

Over 12% of China's global trade is now denominated in renminbi compared to less than 1% in 2010.