Hong Kong can help take yuan global and build Sino-French ties: business leaders

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 in Paris 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 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,” said Zhang Yue, head of the Industrial and Commercial Bank of China’s Paris branch.

She 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.

“The key here is to figure out how to direct some of Hong Kong’s rich yuan pool to Europe,” Zhang said.