Offshore trading of yuan rises in Hong Kong

Yuan trade between non-mainland entities has risen to 18 per cent of the total yuan deals settled in Hong Kong, as Beijing seeks a greater role for the currency in global trade.

These transactions were part of the 2.1 trillion yuan (HK$2.6 trillion) of trades in the first 10 months of this year, Hong Kong Monetary Authority chief executive Norman Chan Tak-lam said.

Chan added that 18 per cent was a significant figure, considering the transactions accounted for 10 per cent of all yuan trade in 2010.

He did not elabourate on the figures for last year.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1105768/offshore-trading-yuan-rises-hong-kong