Hong Kong can help take yuan global and build Sino-French ties: business leaders
They tell Better Hong Kong Foundation delegation in Paris that French companies and institutions are interested in financing solutions in yuan
Hong Kong’s dual status as an international financial centre and offshore renminbi trading hub allows it to play a vital role in taking the yuan onto the global stage and promoting Sino-French economic ties, mainland Chinese business leaders have told a meeting in Paris.
Representatives from major mainland companies and financial institutions raised the idea with a delegation from the Better Hong Kong Foundation, led by its executive committee chairman, Ronnie Chan Chi-chung, during a meeting in the French capital on Tuesday.
The meeting was organised by the China Council for the Promotion of International Trade.
“Local companies and institutions are interested in financing solutions and other arrangements in yuan,” Zhang Yue, head of the Industrial and Commercial Bank of China’s Paris branch, said.
Hong Kong could help with efforts to internationalise the renminbi in Europe by leveraging its position as the biggest offshore trading hub for the currency, she said.
“The key here is to figure out how to direct some of Hong Kong’s rich yuan pool to Europe,” Zhang said.