Yuan settlement a milestone in HK

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The Chief Executive at the Hong Kong Monetary Authority, Joseph Yam, said on Thursday that the pilot scheme for cross-border trade to be settled in renminbi marks another milestone for renminbi business in the SAR.

He said this development has strategic importance, and provides a much wider scope of mobility of RMB funds between Hong Kong and the Chinese mainland. Yam said he believes the RMB could finally become a regional and even global currency given the fast-growing economy in the mainland. Consequently, Hong Kong is preparing to do more RMB transactions in the future.