Hong Kong Yuan Deposits Hit 1.13 Trillion as Global Payment Share Stays at 2.75%
Updated
Updated · South China Morning Post · Jul 12
Hong Kong Yuan Deposits Hit 1.13 Trillion as Global Payment Share Stays at 2.75%
1 articles · Updated · South China Morning Post · Jul 12
Summary
1.13 trillion yuan in Hong Kong deposits at end-May and more than 1.12 trillion yuan in monthly cross-border trade settlements show continued growth in yuan use outside mainland China.
2.75% of global Swift payments by value in May still went through the yuan, far behind the US dollar’s 50.73%, underscoring the gap between trade settlement volume and true currency reach.
Offshore liquidity remains the main constraint: companies may accept yuan, but they also need to borrow, refinance and hedge it reliably when markets tighten.
Higher or less stable offshore yuan funding costs could quickly push corporates back to the dollar, suggesting market pricing and confidence—not politics—will determine how far yuan internationalisation can go.