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The Hong Kong Monetary Authority aims to launch renminbi settlement of Hong Kong-listed stocks around the middle of the year, as part of the financial hub's efforts to promote renminbi internationalization, the head of the HKMA said on Tuesday.
Factors supporting the growing role of the renminbi as an alternative to the dollar are China's role as a manufacturing powerhouse and the stability of the renminbi's value, experts said.
Authorities have reportedly approved rules for the Swap Connect, enabling overseas investors to access the Chinese interest rate swap market.
The rising global use of the Chinese renminbi will accelerate the world's shift toward a multipolar international currency system, a process critical for global financial stability as the drawbacks of the dollar-centred system can no longer be ignored, experts said.