HK the world's offshore yuan trade hub: official   

余伟文：香港已成全球最具规模离岸人民币业务中心

香港金融管理局副总裁余伟文28日在广州表示，经香港处理的人民币贸易结算交易金额，从2009年不到20亿元人民币，增加到2011年近2万亿元人民币，香港已发展成为全球最具规模和最有效率的离岸人民币业务中心。

Guangzhou (CNS) -- Hong Kong has developed into the world's largest and most efficient offshore yuan trade hub. Its clearing transactions in yuan grew sharply from no more than two billion yuan (about US$ 314.62 million) in 2009 to two trillion yuan in 2011, confirmed Deputy Chief Executive Eddie Yue with the Hong Kong Monetary Authority (HKMA) on Thursday when he addressed a forum dealing with the cross-border yuan trade and international development opportunities for enterprises in Guangzhou.

Hong Kong had become the largest offshore renminbi capital pool by the end of April 2012 with total yuan deposits of 67.4 billion (US$10.6 billion), 10 times that of 2009, and a dim sum bond circulation bumping up from 16 billion yuan (US$2.52 billion) at the end of 2009 to 108 billion yuan (US$16.99 billion).

The offshore yuan exchange market has noted daily RMB transactions amounting to US$ five billion, and the spot exchange transaction figure accounts for 56 percent of the global sum, Yue added.

HKMA issued an RMB working capital arrangement for local banks based on its currency exchange agreement with the People's Bank of China, which Yue commented will further enhance Hong Kong's role as the world's offshore yuan trade hub.