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.
Share of offshore Chinese yuan clearing value in November of 2023, by city or country
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Society for Worldwide Interbank Financial Telecommunication. (December 21, 2023). Share of offshore Chinese yuan clearing value in November of 2023, by city or country [Graph]. In Statista. Retrieved December 09, 2024, from https://www.statista.com/statistics/1189531/china-share-of-offshore-yuan-clearing-value-by-country/
Society for Worldwide Interbank Financial Telecommunication. "Share of offshore Chinese yuan clearing value in November of 2023, by city or country." Chart. December 21, 2023. Statista. Accessed December 09, 2024. https://www.statista.com/statistics/1189531/china-share-of-offshore-yuan-clearing-value-by-country/
Society for Worldwide Interbank Financial Telecommunication. (2023). Share of offshore Chinese yuan clearing value in November of 2023, by city or country. Statista. Statista Inc.. Accessed: December 09, 2024. https://www.statista.com/statistics/1189531/china-share-of-offshore-yuan-clearing-value-by-country/
Society for Worldwide Interbank Financial Telecommunication. "Share of Offshore Chinese Yuan Clearing Value in November of 2023, by City or Country." Statista, Statista Inc., 21 Dec 2023, https://www.statista.com/statistics/1189531/china-share-of-offshore-yuan-clearing-value-by-country/
Society for Worldwide Interbank Financial Telecommunication, Share of offshore Chinese yuan clearing value in November of 2023, by city or country Statista, https://www.statista.com/statistics/1189531/china-share-of-offshore-yuan-clearing-value-by-country/ (last visited December 09, 2024)
Share of offshore Chinese yuan clearing value in November of 2023, by city or country [Graph], Society for Worldwide Interbank Financial Telecommunication, December 21, 2023. [Online]. Available: https://www.statista.com/statistics/1189531/china-share-of-offshore-yuan-clearing-value-by-country/