{"id":508602,"date":"2025-10-18T05:01:14","date_gmt":"2025-10-18T05:01:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/508602\/"},"modified":"2025-10-18T05:01:14","modified_gmt":"2025-10-18T05:01:14","slug":"how-hong-kong-is-building-an-ecosystem-to-solidify-its-role-as-offshore-yuan-hub","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/508602\/","title":{"rendered":"How Hong Kong is building an ecosystem to solidify its role as offshore yuan hub"},"content":{"rendered":"<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">When Hong Kong businessman Sunny Yip Yuk-chik heard about a new scheme that would make it easier and cheaper to borrow Chinese yuan, he immediately called his staff on the Chinese mainland with the news.<\/p>\n<p>Earlier this month, the <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/hong-kong-monetary-authority-hkma?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"noopener\">Hong Kong Monetary Authority<\/a> (HKMA) launched a 100 billion yuan (US$14 billion) Renminbi Business Facility (RBF) that would enable business owners like Yip to borrow yuan from Hong Kong banks for up to 12 months at the onshore yuan interest rate, easing trade settlements.\u201cI would consider a yuan loan to expand my business on the mainland because it avoids the exchange rate risks and the cost is cheaper than loans in Hong Kong dollars,\u201d said Yip, who operates a sewage treatment plant in <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/zhaoqing?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"noopener\">Zhaoqing<\/a> in the <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/greater-bay-area?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"noopener\">Greater Bay Area<\/a>.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Hong Kong dollar interest rates are more than double those of mainland yuan loan rates.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The RBF was among a range of measures announced by Hong Kong and mainland regulators to promote the city as a leading offshore yuan trading centre and to encourage more international investors and companies to use the Chinese currency.<\/p>\n<p><img decoding=\"async\" alt=\"Sunny Yip Yuk-chik poses in front of his sewage treatment plant in Zhaoqing on October 9, 2019. Photo: Handout\" data-qa=\"BaseImage-handleRenderImage-StyledImage\" class=\"e1gf69pb2 css-6ikqhs e445x7d0\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/10\/c55f10ac-4606-45cc-9dd8-7b46c6e5070f_be7b6d17.jpg\" title=\"Sunny Yip Yuk-chik poses in front of his sewage treatment plant in Zhaoqing on October 9, 2019. Photo: Handout\"\/>Sunny Yip Yuk-chik poses in front of his sewage treatment plant in Zhaoqing on October 9, 2019. Photo: Handout<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">In December, the scheme will be expanded to include direct investments for mainland firms to secure yuan loans to invest overseas or for foreign firms to get yuan funding to expand on the mainland.<\/p>\n","protected":false},"excerpt":{"rendered":"When Hong Kong businessman Sunny Yip Yuk-chik heard about a new scheme that would make it easier and&hellip;\n","protected":false},"author":2,"featured_media":508603,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[166465,166467,51,166468,166466,166464,166461,1700,34916,3749,149065,12522,84045,166462,10741,132105,166463,16,15],"class_list":{"0":"post-508602","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-asia-symbol-hong-kong-trading","9":"tag-bond-connect","10":"tag-business","11":"tag-charles-lam","12":"tag-citi-hong-kong","13":"tag-cusson-leung","14":"tag-david-yim-sau-king","15":"tag-economy","16":"tag-greater-bay-area","17":"tag-hong-kong","18":"tag-hong-kong-monetary-authority","19":"tag-hsbc","20":"tag-renminbi","21":"tag-rmb-business-facility","22":"tag-shanghai","23":"tag-standard-chartered","24":"tag-sunny-yip-yuk-chik","25":"tag-uk","26":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115393415443209210","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/508602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=508602"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/508602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/508603"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=508602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=508602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=508602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}