From CNBC: 2024-06-25 19:20:33

China’s yuan aims for global prominence in light of U.S. sanctions, with HKEX CEO emphasizing need for more diverse applications. Progress includes HKEX’s “Dual-Counter” program and IMF adding yuan to reserve currencies. Yuan ranks fourth in global payments and third in trade finance transactions.

Internationalization of the yuan faces challenges, according to Chinese financial expert Fred Hu, despite multiple Beijing statements. Maturation of Chinese financial sector required for developing yuan-denominated investment products, highlighting the need for sophisticated investors. Term “patient investing” emphasized at Shanghai financial forum.

Regulatory hurdles in China and the U.S. have slowed Chinese IPO listings in recent years. Industry experts highlight the importance of IPOs in attracting investors. Chinese authorities announce new efforts to support IPOs, especially in Hong Kong, with a pipeline of about 110 IPOs awaiting launch pending market conditions.

Read more: China’s yuan RMB internationalization needs more ‘applications,’ HKEX CEO