HSBC Asia‑Pacific Chair Urges Hong Kong to Push Renminbi Globalisation

Peter Wong, chairman of HSBC Asia‑Pacific, told RTHK’s "On Broadcast Drive" that Hong Kong must "spare no effort" to promote the renminbi’s internationalisation. He said the city’s unique status as China’s sole international financial centre gives it a strategic edge. To deepen that edge, Hong Kong needs to expand its renminbi fund base; a larger pool enables banks to launch new products. Wong illustrated that if renminbi could be used to buy Hong Kong stocks directly, foreign holders of surplus renminbi would flock to the city, boosting liquidity and vibrancy. He cited partners in South America, Africa and ASEAN who already use renminbi for trade settlement, suggesting their surplus could be channeled into Hong Kong. By enlarging its offshore renminbi market, Hong Kong would become the biggest and strongest hub for the currency, reinforcing its global financial standing.