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Beijing regulators expect Hong Kong to press advantage as offshore yuan hub
Officials pledge ‘unswerving’ support for Hong Kong’s development as a financial centre while urging city to promote global yuan use
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Zhu Wenqianin BeijingandEnoch Yiuin Hong KongPublished: 8:33pm, 9 Jun 2026Updated: 8:41pm, 9 Jun 2026
China’s market regulators will continue to support Hong Kong in consolidating its status as an international financial centre, and they expect the city to play to its advantages as an offshore yuan hub, according to the chairman of the Hong Kong Association of Banks (HKAB).
To boost global adoption of the yuan, regulators urged Hong Kong banks to engage more deeply in offshore market development, Sun Yu said during a press conference in Beijing on Tuesday following a meeting on Monday between a Hong Kong banking delegation and senior national financial officers.
“The regulators said they will unswervingly expand high-level opening-up and steadily advance financial market connectivity between the mainland and Hong Kong,” said Sun, who is also vice-chairman and CEO of Bank of China (Hong Kong).
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“During this visit, we learned about national financial policies up close and felt sincerely the central government’s support for Hong Kong’s economic and social progress.”
The meeting on Monday involved a Hong Kong Monetary Authority-led banking delegation and senior officials headed by Pan Gongsheng, governor of the People’s Bank of China (PBOC).
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The parties discussed topics including the macroeconomic situation, deepening financial market connectivity and cooperation, and further consolidating and elevating the city’s status as an international financial hub, according to a PBOC statement. PBOC deputy governor Zou Lan was also present at the meeting, the statement said.
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