Estimated aggregate cross-border trade for Hong Kong reaches USD 620 billion in 2013

Friday 28 February 2014 10:37 CET | News

In 2013, the balance of CNY-based deposits and certificates of deposits exceeded USD 163 billion (CNY 1 trillion) in Hong Kong. This means an equivalent of 70% of overall offshore fund pool, according to John Tsang, State Financial Secretary.

On the other hand, the overall cross-border CNY trade settlements managed by Hong Kong-based banks for the same year got well beyond USD 620 billion (CNY 3.8 billion). This amounts for a 45% growth by comparison with 2012.

Daily settlement of Hong Kongs CNY payment system significantly increased nearly 100 times to USD 81 billion (CNY 500 billion) at the end of 2013 from USD 815 million (CNY 5 billion) at the end of 2010.

In recent news, Chinese and UK authorities are being engaged in negotiations on the foundation of a London-based CNY clearing bank, an initiative on behalf of the former to globalize the CNY beyond the FTZ project.

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Keywords: China, CNY, FTZ, Hong Kong, trade settlements, offshore fund pool, cross-border trade
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce