RMB (renminbi) business has become a core financial industry in HK

China’s Service Trade Association executive vice president Zhao Zhongyi on 29 May said Hong Kong with its service system, rich financial products has helped deepen its cooperation with the mainland’s financial services industry. Now HK has the world’s largest pool of offshore RMB funds. In 2012 the RMB clearing banks in Hong Kong had a total of more than 2.6 trillion yuan (US$ 416 billion), the RMB business has become the main business in Hong Kong’s financial industry.

It is understood that for a long time, Hong Kong has been the top service business partner with mainland. According to deputy director of Ministry of Commerce, Sun Zhaolin who said on 29 May that the service trade between mainland of China and HK reached 145 billion U.S. dollars, an increase of 11.9% in 2012, accounting for 22.6% of the service trade in the mainland. 

Source: Xinhua Net

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