The UAE has huge potential to become a regional hub for the off-shore renminbi (offshore RMB) trade, said a senior official from Hong Kong Monetary Authority who is on a roadshow in Dubai on Monday.
“The UAE is a regional trade hub for the Middle East and North Africa region. The country has the necessary financial infrastructure to link up the entire region’s trade with China to the fast growing off-shore RMB denominated trade and investments, “ said Norman T.L Chan, Chief Executive of Hong Kong Monetary Authority.
China as part of internationalising the RMB (yuan) began trade settlement in RMB in a limited way using Hong Kong as the offshore RMB business centre. Currently more than 30 per cent of Mainland China’s trade is intermediated through Hong Kong. Last year some 60 per cent of China’s foreign direct investments originated from or through Hong Kong and China’s overseas direct investments were made through Hong Kong.
Hong Kong sees huge potential for UAE in RMB settlements | GulfNews.com
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