New Hong Kong resolution to support Chinese yuan

Hong Kong is seeking to expand bilateral trade for the Chinese yuan and launch new products to play a leading role in currency internationalization, according to the city’s finance minister.

According to China’s South China Morning Post, Hong Kong’s finance minister, Paul Chan Moo-po, revealed on Sunday that talks were also under way with Chinese authorities to launch local yuan futures contracts.

Hong Kong has stepped up its efforts to help diversify the Chinese yuan not only to globalize it but also to mitigate the risks arising from it, and to confront political and economic changes around the world.

Earlier, former CIA adviser James Rickards said the damage the introduction of its own currency by BRICS countries would be insurmountable for the US dollar.

According to Daily Riking, Rickards said, “This is due to the introduction of a new major currency, which could weaken the global role of the dollar and eventually replace it as the main means of payment and reserves”.