The daily average turnover of Hong Kong’s real-time yuan payments system has doubled to 800 billion yuan in October, from 400 billion yuan a day in 2013, Chan said. The city’s savings in the Chinese currency totaled 944.5 billion yuan by the end of September, according to HKMA data. With the central bank due to release last month’s deposit figures later today, Chan said the total is yet to reach 1 trillion yuan.
The currency in Hong Kong fell 0.37 percent this week, the most since the five days ended Oct. 3, after China cut benchmark interest rates for the first time since 2012. It traded at 6.1561 per dollar as of 10:19 a.m. local time.
Hong Kong has assigned all of its quota to invest yuan in China’s onshore financial markets and Chan said the HKMA’s request for a higher limit received a “positive response” from the State Administration of Foreign Exchange in meetings yesterday.
Hong Kong has 270 billion yuan of allocations under the Renminbi Qualified Foreign Institutional Investor program, the world’s largest, according to data compiled by Bloomberg. The U.K., Singapore, France, South Korea, Germany, Qatar, Canada and Australia have 500 billion yuan of quota in total.
Source: Bloomberg (28 Nov 2014)
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