Breakdown of offshore Chinese yuan clearing value November 2023, by country

In November 2023, 80 percent of global yuan transactions had been cleared in Hong Kong. The proximity of the city to mainland China made it predestined to be the largest market for yuan in the world. Since many Chinese and international investors funneled their investors through Hong Kong, the demand for yuan was very high. International transactions The most common international transactions is the transfer of money. In total, the value of global payment revenues reached almost two trillion U.S. dollars. To complete a transaction, both parties have to agree on a currency, which is in most cases the U.S. dollar, making the U.S. currency somewhat of a global currency. This position as a global currency has many political and strategic advantages. Internationalization of the yuan The Chinese government strives to challenge the U.S. dollar’s role in global trade. Since all countries who want to trade internationally need to buy U.S. dollars, nations are very dependent on the United States to maintain a steady reserve of U.S. dollars. China’s foreign currency reserves amounted to over three trillion U.S. dollars. To enhance its independence and ability to project its financial assets, China wants to increase the role of the yuan in global trade. One way to achieve this goal is to establish clearinghouses abroad. For instance, London has became the largest market for yuan outside the Greater China region.

在2023年11月，全球80%的人民币交易已在香港清算。香港地处中国大陆之侧，注定成为全球最大的人民币市场。众多中国及国际投资者通过香港渠道进行投资，导致对人民币的需求极为旺盛。国际交易中最常见的国际交易为货币转账。全球支付收入总额接近两万亿美元。完成交易需双方就货币达成一致，在大多数情况下为美元，使得美元成为一种全球货币。作为全球货币，美元拥有许多政治和战略优势。人民币国际化进程中国政府致力于挑战美元在全球贸易中的地位。由于所有希望进行国际贸易的国家都需要购买美元，各国对美国的依赖性极高，以维持稳定的美元储备。中国的外汇储备超过三万亿美元。为了增强其独立性并投射其金融资产，中国希望提高人民币在全球贸易中的作用。实现这一目标的一种方式是在海外设立清算行。例如，伦敦已成为除大中华区外最大的人民币市场。