Central govt supports HK as offshore RMB center

The central government of China supports Hong Kong's efforts in building itself into an offshore RMB center.

According to Xu Xianping, vice minister of the National Development and Reform Commission, the central government is also supporting Hong Kong in strengthening its competitiveness and consolidating its position as an international center of finance, trading and shipping.

Becoming an offshore RMB center matters a lot to Hong Kong's status as an global finance center, said Li Lihui, president of the Bank of China.

Hong Kong is the springboard for many mainland companies to go global and overseas businesses to the Chinese mainland, thus Hong Kong's possible status as the RMB center will benefit both Hong Kong and mainland firms.