Hong Kong eyes more ASEAN, Middle East presence in offshore renminbi market

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Hong Kong eyes more ASEAN, Middle East presence in offshore renminbi market

STORY: Hong Kong eyes more ASEAN, Middle East presence in offshore renminbi market DATELINE: Sept. 5, 2023 LENGTH: 00:01:09 LOCATION: HONG KONG, China CATEGORY: ECONOMY SHOTLIST: 1. various of the Treasury Markets Summit 2023 STORYLINE: Head of the Hong Kong Monetary Authority (HKMA) said Monday that the regulator is working with banks to promote more participation from the Association of Southeast Asian Nations (ASEAN) and the Middle East in Hong Kong's offshore renminbi (RMB) market. Chief Executive of the HKMA Eddie Yue said an increasing number of economies, including those in the Middle East and the ASEAN, want to use the RMB to settle their trade with China. In a speech at the Treasury Markets Summit 2023 jointly organized by the HKMA and the Hong Kong Treasury Markets Association (TMA), Yue said Hong Kong's edge as the leading offshore RMB business hub is not just a matter of its mutual market access with the mainland. In fact, Hong Kong has the largest offshore RMB liquidity pool, occupies the t

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