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China will reinforce the role of the Hong Kong Special Administrative Region as an offshore renminbi hub to bolster its efforts to steadily lift the global profile of the renminbi, a course that is significant for both China and the world economy, according to financial officials and experts.

金融专家表示，中国将加强香港特别行政区作为离岸人民币业务枢纽的作用，提升人民币国际认可度，此举对国内及世界经济都具有重要意义。

This would be a feasible option as China seeks to open its financial markets wider to overseas investors, while also forestalling the risks of any drastic fluctuations in cross-border capital flows that could threaten national security amid rising external uncertainties, they said.

中国将向广大海外投资者开放金融市场，同时规避外界动荡所导致的跨境资本大幅波动对国家安全所造成的风险。

Huang Yiping, dean of Peking University's National School of Development, said, "With full capital account liberalization unlikely in the short term, China should consider developing the Hong Kong SAR into the largest offshore renminbi market."

"In this way, although 'nonresidents', or international investors, cannot completely freely enter and exit the capital market of the Chinese mainland, they can freely trade and hold renminbi-denominated assets in the Hong Kong market. This can provide crucial support for internationalizing the renminbi," he said.

北京大学国家发展研究院院长黄益平表示：“由于短期内不太可能实现全面资本账户自由化，中国应考虑将香港特区发展成为最大的离岸人民币业务枢纽。这样一来，尽管‘非居民’、国际投资者无法完全进出中国大陆的资本市场，但仍可以在香港进行自由交易、计价持有人民币资产。”

Huang's words echoed the resolution adopted at the third plenary session of the 20th Central Committee of the Communist Party of China, which vowed to promote high-standard opening-up of the financial sector, steadily and prudently advance the internationalization of the renminbi and develop offshore renminbi markets.

中国共产党第二十届三中全会通过了《中共中央关于进一步全面深化改革推进中国式现代化的决定》（以下简称《决定》），要求推动金融高水平开放，稳慎扎实推进人民币国际化，发展人民币离岸市场。

In an article published in a book to interpret the resolution, Wang Jiang, executive deputy director of the office of the Central Financial Commission — which is responsible for top-level design of financial stability and development — underlined strengthening the function of the Hong Kong SAR as a hub for offshore renminbi business as one of the key means to promote financial opening-up.

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