I know many of you have come here today to hear more about how to tap into this rapidly developing market to finance your business in the future. Now of course, as a global hub, it does not mean that all offshore RMB businesses are to be conducted only in Hong Kong. Quite the contrary. As RMB becomes more widely used and accepted by trading companies and investors worldwide, it is natural to see financial institutions providing RMB services to meet the demand of their customers. That said, even as its role evolves over time in line with market changes, we do see Hong Kong continuing to be an ideal place for companies to conduct their RMB banking and financing activities. In addition, Hong Kong will develop its ability as a RMB hub to serve a growing network of financial institutions around the world. And in this last respect we are seeing real signs of development. More foreign banks are either choosing to have a base in Hong Kong or are using RMB correspondent banking services provided by banks in Hong Kong. As of the end of March 2012, there were close to 200 banks participating in Hong Kong’s RMB clearing platform. Of these, 170 are foreign-owned or located overseas. At the same time, over 1,100 RMB correspondent accounts were maintained by overseas banks with banks in Hong Kong.
Against this backdrop, Hong  BIS central bankers’ speeches  3  Kong is well-placed to serve as a key commercial and financial gateway, continuing to facilitate trade as it expands and is increasingly conducted in RMB. Through its long history as an international financial centre, Hong Kong has built up the necessary infrastructure to support a growing RMB market. Indeed, Hong Kong has been steadily gearing up its capability to handle RMB servicing since it started back in 2004. This is what has enabled Hong Kong to become a global hub for offshore RMB businesses. Hong Kong today provides the largest and most effective platform for the complete range of RMB transactions, from banking and financing to asset management, at both customer and wholesale levels. Just to give an illustration of Hong Kong’s status as a global RMB hub, consider its recent record:   RMB deposits in Hong Kong, including Certificates of Deposits, grew by a factor of ten between end-2009 and March 2012, from around RMB 60 billion to over RMB 660 billion yuan.   RMB trade settlement transactions handled by banks in Hong Kong has also increased phenomenally, from less than RMB 2 billion yuan in 2009 to nearly RMB 2 trillion yuan in 2011.   Over the same two-year period, the Hong Kong RMB dim-sum bond market has seen issuances growing from RMB 16 billion to RMB 108 billion yuan.