China News Service, Hong Kong, March 1 (Reporter Wei Huadu) The latest monetary statistics released by the Hong Kong Monetary Authority (HKMA) show that in January 2022, Hong Kong's RMB deposits hit a new high. Financial experts analyzed that investors are due to geopolitics. Factors to avoid the risk of foreign currency depreciation, thus increasing RMB deposits.
Data show that Hong Kong's renminbi deposits exceeded 1,095.9 billion yuan (RMB, the same below) in January, up 18.2% month-on-month, breaking the trillion yuan mark again after December 2014, and exceeding the then high of 1,003.6 billion yuan.
In an interview with a reporter from China News Agency on the 1st, Mai Cuicai, an associate professor of the Department of Finance and Decision Sciences of Hong Kong Baptist University, said that the RMB has become a safe-haven currency under the influence of geopolitics. Recently, the RMB has been rising against the US dollar or Hong Kong dollar. Global assets The allocation has also increased the proportion of the renminbi, second only to the US dollar, the euro and the yen, and some investors have therefore increased their renminbi deposits to hedge against the risk of foreign currency depreciation.
Mai Cui Cai said that foreign-funded enterprises will also increase the stock of renminbi, and use renminbi to settle trade with mainland enterprises through Hong Kong.
As Hong Kong is an international financial center, foreign investors also need to use Hong Kong's offshore RMB to buy and sell stocks in the mainland trading market through Hong Kong.
Data released by the Hong Kong Monetary Authority on the same day also showed that in January 2022, the total amount of RMB remittances for cross-border trade settlement in Hong Kong was nearly 699.4 billion yuan, compared with more than 708.5 billion yuan in December 2021.
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