Xinhua News Agency, Hong Kong, February 28. The Hong Kong Monetary Authority (HKMA) announced on the 28th that in January 2022, the RMB deposits in Hong Kong were 1,095.9 billion yuan, a monthly increase of 18.2%, which is the second time after December 2014. Yuan mark, and surpassed the high of 1003.6 billion yuan at that time.
The Hong Kong Monetary Authority said the rise in renminbi deposits in Hong Kong was mainly driven by corporate inflows.
The total value of RMB remittances for cross-border trade settlement was RMB 699.4 billion in January, compared with RMB 708.5 billion in December 2021.
Ying Jian, a senior strategist at the Bank of China Hong Kong Institute of Financial Studies, said that the latest changes in Hong Kong's renminbi deposits show that the international function of the renminbi has been comprehensively improved, and it is widely accepted by foreign investors, which is a trending development.
Data show that the offshore RMB market in Hong Kong has continued to improve since 2018.
In 2021, the transaction volume of Hong Kong's Renminbi Real-Time Payment and Settlement System (RTGS system) will be 358 trillion yuan, a year-on-year increase of 26.6%, maintaining growth for five consecutive years.
Renminbi deposits have also grown for five consecutive years, with the cumulative growth rate nearly doubling.
The balance of RMB loans at the end of 2021 was RMB 163.6 billion, an increase of 8% year-on-year.
The Hong Kong RMB dim sum bond market has also maintained an issuance volume of over RMB 160 billion for three consecutive years.
Ying Jian said that China's economy took the lead in getting out of the recession caused by the epidemic, and its economic growth momentum was stable. China is the only major economy in the world that maintains a conventional monetary policy, which has increased the confidence of overseas markets in the RMB.
In particular, the current market is complex and volatile, and the risk-averse nature of RMB has initially emerged. Hong Kong’s role as a global offshore RMB business hub is expected to be further enhanced, and various major RMB business indicators will maintain a good momentum of development.Keywords: