Hong Kong has the “most complete renminbi financial ecosystem” and is well placed to serve as a hub for Central Asian countries seeking to expand the currency’s use in trade and investment, according to a veteran banker. Stephen Chan Man, deputy chief executive of Bank of China (Hong Kong), also said on Thursday that the high-level delegation led by Chief Executive John Lee Ka-chiu next month to Kazakhstan and Uzbekistan was an opportunity to deepen financial ties with the region under a...
US President Donald Trump’s visit to Beijing, at a time of rising tensions over Iran, sanctions, tariffs and Taiwan, shows how far the Hormuz crisis has travelled beyond the battlefield. What began as a regional war is now touching energy markets, currency politics and the balance of influence between Washington and Beijing. The US is trying to keep Gulf and Asian partners anchored to the US dollar system, while China continues to push for wider use of the renminbi in trade transactions. Whether...