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China will reinforce the role of the Hong Kong Special Administrative Region as an offshore renminbi hub to bolster its efforts to steadily lift the global profile of the #renminbi, a course that is significant for both China and the world economy, according to financial… https://t.co/ANTXkmBAPY
Are China’s planners － the world’s greatest and most effective － planning to speed up the internationalisation of the yuan? If so, Hong Kong, the nation’s international financial center, will play a critical role. It would be another quintessential step in the destruction… https://t.co/4oAg7JCLZV
The international recognition of the Chinese yuan is steadily increasing. According to a recent report by UBS Asset Management, a survey indicates that central banks worldwide plan to further increase their holdings of euros and yuan over the next year. 70% of respondents are…
The global use of China's yuan has increased significantly, surpassing the British pound and Japanese yen on the internationalization index. According to the 2024 Annual Report of Renminbi Internationalization by Chinese Renmin University, the yuan maintained a high ranking with an annual average of 6.27 points, up 22.9% year-over-year. A UBS Asset Management report indicates that central banks worldwide plan to increase their holdings of euros and yuan over the next year, with 70% of respondents supporting this move. China plans to reinforce Hong Kong's role as an offshore renminbi hub to further elevate the yuan's global profile, a strategy deemed crucial for both China and the global economy. This move challenges the longstanding financial hegemony of the US dollar.