HKMA CEO: Hong Kong to host delegates from UAE, Saudi Arabia to explore collaboration on banking, yuan services
- “We are working with banks to try to bring more participation from these two markets,” says Eddie Yue
- Delegations from the Gulf states will visit later this year to discuss cooperation that would enhance Hong Kong’s role as an offshore yuan hub
The Hong Kong Monetary Authority (HKMA) and the local banking sector will explore collaboration with their counterparts in the United Arab Emirates and Saudi Arabia when delegations from the two Middle Eastern countries separately visit the city later this year, according to the top boss of the local central bank.
“We have got an increasing number of economies, especially those from the Middle East and [Southeast Asia], who want to use yuan to settle their trade with China,” Yue told hundreds of bankers on Monday morning at the annual Treasury Markets Summit in Hong Kong.
“We will be receiving delegations from the UAE and Saudi Arabia later in the year to explore collaborations. We are working with banks to try to bring more participation from these two markets.”
