Outspoken former Chongqing mayor Huang Qifan says Hong Kong can play a key role in the internationalisation of the yuan.
Beijing would continue to advance the internationalisation of the yuan and further leverage Hong Kong’s role as a centre for offshore transactions, with the goal of aligning the currency’s share in worldwide payments with China’s proportion of global gross domestic product, according to a prominent former senior official.
It is estimated that yuan’s share in global payments would increase by 1 percentage point annually to about 17 per cent by 2035, as its usage in cross-border payments would gradually catch up to China’s position in the world’s economy, said Huang Qifan, the former mayor of the western megacity Chongqing, at the International Finance Forum (IFF) annual meeting on Friday.
