Politics
Use of yuan hits 6-month high in Hong Kong’s fast-payment system
Key Points
Hong Kong’s fast-transfer payments denominated in yuan surged to a six-month high in July, signalling accelerating adoption of real-time cross-border retail payment channels even as mainland Chinese authorities maintain tight controls on capital outflows. Transaction values through Hong Kong’s Faster Payment System (FPS) for yuan reached 350.3 billion yuan (US$60 billion) in July, marking a 34 per cent increase from February, according to official data published by Hong Kong Interbank...
Hong Kong’s fast-transfer payments denominated in yuan surged to a six-month high in July, signalling accelerating adoption of real-time cross-border retail payment channels even as mainland Chinese authorities maintain tight controls on capital outflows.
Transaction values through Hong Kong’s Faster Payment System (FPS) for yuan reached 350.3 billion yuan (US$60 billion) in July, marking a 34 per cent increase from February, according to official data published by Hong Kong Interbank Clearing...
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