HONG KONG — London sees Hong Kong as a partner in terms of yuan offshore trading, the Lord Mayor of the City of London David Wootton said on Friday.
Hong Kong will let nonresidents purchase an unlimited amount of yuan, as it seeks to defend its position as the global hub for international finance in the currency.
Beijing has formally approved a $45 billion test project in the southern city of Shenzhen to allow a freer use of the yuan, underscoring its determination to make the yuan more convertible and used more often internationally.
Its gross domestic product (GDP) per capita nearly tripled, the increase in foreign direct investment is remarkable, the foreign reserves of the central bank increased to $80.1 billion and inflation is under control.
Of late, the term “financial center” has become a buzzword for emerging markets gearing themselves towards undertaking hefty projects in financial industries and real estate.
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