日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Global EditionASIA 中文雙語Fran?ais
China
Home / China / GBA focus

Hong Kong at the front in driving digital yuan

By Luo Weiteng in Hong Kong | chinadaily.com.cn | Updated: 2020-11-06 11:00
Share
Share - WeChat

The visionary digital yuan project offers potentially huge opportunities for those with the foresight to jump on the bandwagon.

Those on the trail could include Hong Kong, which has the best of both worlds and will continue to be at the forefront of promoting the yuan's internationalization, experts said.

"A currency's internationalization cannot be possible without an international financial center playing a part. Hong Kong has what it takes to be the first stop outside the Chinese mainland testing the digital yuan's potential," said Fielding Chen Shiyuan, Hong Kong-based senior vice-president at China Construction Bank (Asia) Corp.

As the largest offshore yuan center, Hong Kong has a pool of more than 670 billion yuan (US$99.8 billion) although most of it is illiquid.

"For the time being, offshore yuan in Hong Kong is mostly used in financial investment and restricted to stores, companies and banks. The digital yuan may expand the use of the currency to more scenarios in people's daily lives, offering a solution to a lack of liquidity and inadequate use of yuan in the city," said Chen.

"Hong Kong boasts a well-established financial market infrastructure and e-banking system suited for digital currency transactions without causing too much of an issue," said Herbert Yum, research manager at market research provider Euromonitor International.

According to Euromonitor, Hong Kong cash transactions have accounted for 17 percent of the city's total consumer transactions this year — down 6 percent from 2017.

"The rapid development of cashless transactions in Hong Kong is expected to reduce the potential effect the digital yuan will have on the city as consumers are already used to digital transactions," said Yum.

"However, since the Hong Kong dollar is the main currency used locally, it's extremely challenging for the digital yuan to be widely used in the consumer segment," he reckoned. "The long-existing dual currency credit card available in Hong Kong and the launch of AliPay HK and WeChat Pay HK that allow users to use Hong Kong credit cards to pay for goods and services in the SAR and Shenzhen offer little room for Hong Kong people to engage in more frequent digital yuan transactions."

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the city is most interested in wholesale and cross-boundary digital currency use.

"If the digital currency developed by the People's Bank of China can be used for cross-boundary payment, it will further promote mutual connectivity between the mainland and Hong Kong," he said.

Chen believes a more compelling story comes from the digital yuan's capability to essentially connect Hong Kong life with that in mainland cities, adding flesh to the bones for the "living circle" in the Bay Area. "It acts as a lever to expedite deeper integration of the Bay Area," he said.

Au King-lun, executive director of the Financial Services Development Council, said Hong Kong is well positioned to become a "sandbox" for the digital yuan.

As China further opens up its financial market and reduces its reliance on the US dollar, the yuan, which earned nominal international currency status at the International Monetary Fund in 2016, will gain prominence.

Morgan Stanley has painted a rosy picture for the yuan's future, predicting it could account for up to 10 percent of global foreign exchange reserve assets by 2030 and become the No 3 global currency after the greenback and the euro.

Though China's share of global GDP is projected to hit 18.56 percent by yearend, the share of renminbi in global reserve hovers at 2 percent currently. The yuan is now the sixth most used currency in international payments and is used to settle about 20 percent of China's trade, according to the IMF.

The Basel-based Bank for International Settlements said the yuan's share of international currency transactions last year was just 4.3 percent, compared to 88 percent for the US dollar.

Hui said the imbalance between the country's double-digit share of global GDP and the yuan's single-digit share of international transactions calls for more efforts to widen its use.

The digital yuan pilot project, together with the newly-launched Wealth Management Connect, which guarantees mutual access to wealth management products issued in the Bay Area and facilitates cross-boundary investments by individual residents in the region, will certainly help tackle the shortage of offshore yuan-denominated assets and take the yuan a step closer to becoming a global currency, Au said.

In the long run, how the digital yuan will make a difference in Hong Kong hinges on how the local currency positions itself, Chen said. He believes the escalating geopolitical storms and foreign sanctions highlight the significance of currency diversity and a complementary money system, which is crucial to the SAR's status as a leading world financial center.

"The digital yuan can help Hong Kong transform its monetary system, from the Hong Kong dollar's 37-year-old peg to the greenback, to a basket of currencies," he said.

"Regulators should not hesitate to press ahead with new things. Indeed, they should speed up, especially with the dust likely to settle soon following the US presidential election."

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 亚洲精品18在线观看 | 一级特黄妇女高潮 | 成人免费视频观看视频 | 波多野结衣国产 | 欧美一区二区三区网站 | 毛片毛片毛片毛片毛片毛片毛片 | 精品一区二区三区四区 | 国模吧一区二区 | 国产四虎 | 96精品国产 | 欧美a级在线观看 | 91国产在线免费观看 | xxx国产精品 | 国产成人免费 | 亚洲国产图片 | 中文字幕1区2区3区 毛片在线网站 | 在线视频福利 | 午夜国产福利 | av导航在线 | 久久精品99国产精 | 成人午夜免费福利视频 | 中文字幕av亚洲精品一部二部 | 在线观看日本黄色 | wwwwww日本 | 四虎视频国产精品免费入口 | 久久精品大片 | 久草成人在线 | 成年人视频在线免费看 | 色久综合网| 亚洲a v网站 | jizz黄色片 | 欧美人与交 | 日韩av一区二区在线观看 | 91破解版在线观看 | 国产精品综合久久 | 国产成人精品免费 | 欧美五月婷婷 | 成人一区二区在线观看 | 人人插人人看 | 精品中文一区 | 九九精品在线观看 |