Renminbi (RMB) internationalisation has attracted growing attention in recent years. Advancing RMB internationalisation is also a key policy initiative under the national 15th Five-Year Plan. Leveraging its role as a premier international financial centre and a leading offshore RMB business hub, Hong Kong has been pushing forward concrete initiatives to promote the offshore RMB market and further enhance connectivity between the Mainland and Hong Kong financial markets. Meanwhile, we place great importance on promoting wider RMB usage in international trade and investment by the real sector. This helps facilitate cross-border business operations and reinforces Hong Kong’s gateway role in connecting the Mainland with international markets.
We maintain close dialogue with the industry to better understand the challenges faced by corporates in using the RMB, which differ from those encountered in financial markets. For example, many corporates are accustomed to settling transactions in other international currencies and have well-established business operations and accounting procedures built around those practices. Some corporates’ internal systems may not yet support RMB transactions, resulting in relatively limited incentives to adopt RMB. In addition, some corporates have a limited understanding of the RMB products offered by banks, or have yet to fully appreciate the cost efficiencies that greater RMB usage can bring. In view of these challenges, we actively collaborate with the industry and relevant Mainland authorities to explore viable solutions. Drawing from their experiences, several banks have shared successful case studies, showcasing how RMB settlement as well as RMB-denominated investment and financing solutions can help corporates reduce costs, improve efficiency, and enhance flexibility in funding management.
After reviewing and analysing these successful cases, we have identified a set of good practices in six key areas:
- Offering holistic, tailored RMB products and services to meet individual customers’ needs;
- Leveraging Hong Kong’s strengths in RMB business and institutional advantages to proactively provide services to customers;
- Enhancing banks’ internal organisational structures and adjusting their performance and incentive mechanisms to support the development of RMB business;
- Leveraging banks’ global network and strengthening intra-group cross-border collaboration;
- Capitalising on new opportunities arising from Mainland corporates “going global”; and
- Strengthening market promotion and publicity to raise corporate awareness and willingness to adopt RMB.
These good practices merit wider promotion. Today, I wrote to the Chief Executives of all banks in Hong Kong (Annex), encouraging the industry to draw reference from these practices and further unlock the potential and opportunities in RMB business. Let me share four successful examples to illustrate how RMB solutions can provide practical support for corporates’ cross-border operations.
Case 1: Corporate W in the energy industry – full-fledged global RMB treasury management
Corporate W operates across Southeast Asia, the Middle East, Australia, and North America with frequent and complex transaction flows. For W, conventional settlement arrangements were inefficient and costly. Bank A took an “outside the box” approach, going beyond the transactional arrangement to tailor-make a holistic RMB solution for W. By combining the integrated multi-currency cash pool arrangement in the Mainland with the RMB cash management solution offered by Bank A in Hong Kong, W centralised — through its corporate treasury centre in Hong Kong — the fund management of the receivables and payables in RMB and other currencies for around 100 affiliated companies across the globe. Meanwhile, W has obtained RMB financing through Bank A to support its global operations and has issued RMB letters of credit for trade settlements with suppliers in the Mainland and Southeast Asia.
Case 2: Corporate X supplying industrial raw materials – strategic transformation from foreign currencies to RMB
Corporate X is a listed company in Hong Kong with operations spanning across over 150 countries and regions, as well as multiple manufacturing bases in the Mainland. Bank B conducted an in-depth analysis of X’s operational and financial structures and quantified the tangible benefits of using RMB, including reduced financing costs, exchange losses and exchange rate fluctuation risks. Guided by the findings and recommendations, X decided to gradually shift to RMB financing and subsequently changed the reporting currency of its group financial statements to RMB, thereby enhancing financial transparency and aligning more closely with the corporate’s development strategy.
Case 3: Corporate Y – Multinational corporate taking advantage of Hong Kong’s role as the world’s offshore RMB liquidity hub
Corporate Y operates global business from its headquarters in Europe. Bank C proactively engaged with Y and highlighted Hong Kong’s unique strengths as an international financial centre, including its favourable business environment, robust payment and clearing systems, and the advantage of being in the time zone as the Mainland in facilitating cross-boundary collaboration. Bank C helped Y gradually consolidate its global RMB liquidity pool and related foreign exchange activities in Hong Kong, thereby enhancing efficiency, reducing risk, and strengthening the visibility and flexibility of its fund allocation.
Case 4: Corporate Z in innovative electrical appliance industry – supporting RMB trade in emerging markets
Corporate Z’s business spans a host of emerging markets including South America. Leveraging its strong global network, Bank D deepened its intragroup cross-border collaboration and coordinated with an overseas branch to arrange RMB letters of credit for Z, facilitating smooth trade settlement with its South American clients. At the same time, Bank D provided Z with RMB export financing, helping to expedite fund receipts and reduce receivables risk.
There are many more success stories like these, reflecting continued growth in business demand for RMB usage. The key has been banks’ proactive efforts to develop comprehensive solutions and offer incentives and favourable terms that enhance the applicability and attractiveness of RMB across different scenarios. In areas such as cross-boundary RMB-related rules and regulations, market practices, and the optimisation of financial processes, banks have also offered timely and valuable recommendations, boosting businesses’ confidence and helping ensure a smooth transition.
Meanwhile, banks have highlighted that the introduction of the HKMA RMB Business Facility (RBF) has given them access to stable and relatively low-cost RMB funds. This enables them to provide corporate clients with the financing needed for trade, daily operations and capital expenditure while also promoting wider RMB use in real economic activities. The keen interest in the RBF has led to increasing uptake , with some participating banks having their quotas increased several times, reflecting robust demand. More importantly, the RBF not only serves corporates in Hong Kong, but has also successfully channelled offshore RMB funding to other regions such as ASEAN, the Middle East and Europe, demonstrating Hong Kong’s role as the leading offshore RMB business hub and its continuously expanding global reach.
To better capitalise on the trend of Chinese corporates going global, some banks have proactively extended their service coverage. They have stepped up marketing and promotion to enhance corporates’ awareness of RMB and encourage habitual use of the currency. Riding on their extensive networks and strong customer base, some banks have also played a key intermediary role by identifying offsetting RMB receivables and payables among clients, thereby facilitating direct settlement in RMB between parties.
In response to market feedback on the challenges of direct foreign exchange conversion between RMB and regional currencies, we are working with other central banking institutions in the region to explore possible solutions. In May, we signed a Memorandum of Understanding with Bank Indonesia and the People’s Bank of China to jointly facilitate the efficient use of offshore RMB and Indonesian Rupiah in cross-border trade and financing activities. We are now working closely with Bank Indonesia, with the aim of implementing the arrangements later this year.
To consolidate Hong Kong’s role as the global offshore RMB hub, we need an enabling ecosystem that is characterised by easy access, stickiness and growth opportunities for international capital. With the joint efforts of the banking sector, Hong Kong will continue to strengthen its offshore RMB hub function in support of the real economy, unlocking greater potential to drive RMB internationalisation.
I am also pleased to share that on Tuesday, 7 July 2026, the HKMA will jointly organise the Hong Kong Fixed Income and Currency (FIC) and Bond Connect Summit with the Securities and Futures Commission, Hong Kong Exchanges and Clearing Limited, and Bond Connect Company Limited. This flagship event will bring together policymakers, regulators and financial leaders to discuss the opportunities and future direction of Hong Kong’s FIC markets and China’s bond market. We look forward to bringing more momentum to our bond market and offshore RMB business.
Hong Kong Monetary Authority
Chief Executive
Eddie Yue
2 July 2026
