The amount due to and due from such overseas banks amounted to RMB 128 billion yuan and RMB 146 billion yuan respectively, a clear indication that banks from around the world are using the robust platform and large liquidity pool to offer RMB services to their customers at home. Looking ahead, we in Hong Kong will seek to broaden and deepen our offshore RMB market further, by enhancing our RMB infrastructure and encouraging participation. In doing so, we will continue to cooperate with other places along the way. From the end of next month, the operating hours of our RMB Real Time Gross Settlement system will be lengthened to 11:30 pm Hong Kong time, giving financial institutions in different parts of the world an extended window to settle offshore RMB payments through the Hong Kong infrastructure. Moreover, the Hong Kong – London Forum for promoting cooperation on the development of offshore RMB business just convened its first meeting yesterday. I am very pleased to note that the group had a very productive discussion, with concrete joint action plans set forth for enhancing offshore RMB market activities in both places. Meanwhile, we at the HKMA will also be continuing our efforts to raise awareness about the developments of offshore RMB businesses and the comprehensive services provided by Hong Kong in this regard.
4  BIS central bankers’ speeches  Concluding remarks So, as I prepare to hand back to Mark (Johnson) for the panel discussion, I would just like to underline my points by summing them up very succinctly:   First, I would say that, given the scale and the pace of change I mentioned earlier, we are now at the start of a new era. An era in which we will see a much greater use of RMB, driven by both policy and market forces.   Second, we are only in the early days. The RMB started circulating outside Mainland China only in recent years, but is already starting to play a significant role in global trade and finance. It has the potential to go much further.   Third, as the RMB develops a more central role and acquires more features associated with an international currency, Hong Kong is very well equipped to service the RMB needs of businesses around the world. Let me just finally say that today’s forum is a most welcome opportunity to help prepare for the future. As at any time of historic transition, if none of us have all the answers, then at least each of us has a piece of the answers; and if we don’t have that, then perhaps we can contribute a better question. I look forward to hearing your ideas and to working closely with you in our common effort to develop the offshore RMB market in the future. BIS central bankers’ speeches  5