At the 2024 Financial Street Forum, industry leaders gathered to discuss the future of global finance, but it was Laurence Li, chairman of the Hong Kong Financial Services Development Council, who captured the spotlight. In an exclusive interview with CGTN, Li expressed confidence that Hong Kong is poised to stand shoulder to shoulder with London and New York as one of the world’s foremost financial hubs.
Li attributed this optimistic outlook to the ongoing internationalization of the renminbi (RMB), the Chinese currency. “As the RMB continues to globalize, Hong Kong is uniquely positioned to leverage its strategic advantages,” Li stated. “We are not just a bridge between the East and the West; we are becoming a central pillar in the global financial architecture.”
The internationalization of the RMB has been a significant development in global finance, with increasing adoption in international trade, investment, and as a reserve currency. Hong Kong, with its deep financial markets and close ties to the Chinese mainland, serves as a primary offshore RMB center.
“RMB globalization opens up new opportunities for investors and businesses worldwide,” Li explained. “Hong Kong’s robust financial infrastructure, regulatory framework, and talent pool make it the ideal platform for these opportunities to flourish.”
The remarks underscore Hong Kong’s strategic role in facilitating China’s financial integration with the global economy. As the RMB gains prominence, Hong Kong’s status as a financial hub is expected to rise accordingly.
For global readers, investors, and professionals keeping an eye on Asian markets, these developments signal exciting times ahead. Hong Kong’s ascent in the global financial scene not only benefits the region but also offers new avenues for international collaboration and growth.
With the momentum of RMB globalization, Hong Kong is set to redefine its role on the world stage, ushering in a new era of financial innovation and connectivity.
Reference(s):
cgtn.com
