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posted on October 31, 2011 09:38
Hong Kong as offshore RMB center will boost Yuan’s internationalization
Hong Kong is exerting efforts to build itself into an offshore center for RMB or Yuan, China's currency, which, experts say, will accelerate the currency's internationalization process.
Central authorities have supported Hong Kong becoming an offshore RMB center in an effort to strengthen the city's status as a global financial hub and push forward the internationalization of the Yuan.
The Ministry of Finance issued 20 billion Yuan (3.1 billion US dollars) of Yuan-denominated treasury bonds in Hong Kong, another step down the road toward internationalization.