Hong Kong dollar stablecoins could become a key link between China’s digital yuan and top global digital assets, potentially transforming cross-border investment and accelerating yuan internationalisation, according to Morgan Stanley. Local currency-backed stablecoins could provide a pathway for mainland China’s e-CNY – the country’s only legal digital currency backed by the government – to gain…
May 24, 2025 Amid rising geopolitical tensions and discussions on de-dollarisation, Hong Kong’s financial system is playing a pivotal role in promoting the internationalisation of the yuan. As reported by the South China Morning Post, the yuan’s potential to expand its global footprint is being explored by international businesses, particularly in Qatar. The affluent Middle…
Feb 18, 2025 Hong Kong is increasingly pivotal in the internationalisation of the yuan, bolstered by expanding liquidity and diversified applications for the currency. According to reports, the city has cemented its status as the world’s largest offshore yuan hub, offering an extensive liquidity pool, and maintaining dominant positions in both the foreign-exchange and over-the-counter…
Hong Kong is expected to play a bigger role in the internationalisation of the yuan as liquidity increases and uses for businesses and individuals broaden significantly, according to officials and market participants. The city was already the world’s biggest offshore yuan business centre, with the largest offshore liquidity pool, foreign-exchange market and over-the-counter market for…