Based purely on the numbers, no financial centre has mounted a real challenge to Hong Kong when it comes to the renminbi.
The city has been at the forefront of China’s moves to make its currency a globally accepted form of payment: it has been the test bed for reform, and the only well-established currency channel in and out of China itself.
The city not only has the largest offshore deposit base of renminbi – at more than Rmb700bn ($115bn) – but it is also the biggest trading centre for the currency outside the mainland.
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