Hong Kong is pushing for a larger role for the yuan in regional trade, according to the city’s treasury chief. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu revealed that officials held discussions with finance ministers and representatives from economies like Brunei during last week’s Asia-Pacific Economic Cooperation (Apec) meeting. The talks focused on reducing reliance on the US dollar and expanding the use of local currencies and the yuan for bilateral trade settlement.
Hui shared anecdotes about the intangible benefits Hong Kong gained from hosting the Apec Finance Ministers’ Meeting, noting how delegates were impressed. He highlighted that the meeting aimed to foster communication not only between governments but also with the business sector to promote the internationalization of the renminbi, particularly in trade settlements.
The discussions underscored a growing interest in diversifying trade currencies away from the US dollar, with a specific emphasis on the yuan. Hui’s remarks suggest that Hong Kong is positioning itself as a key player in facilitating this shift.