In recent years, the daily average transaction volume of Hong Kong's Renminbi Real-Time Gross Settlement System has continued to rise, first surpassing one trillion yuan in July and August 2015. The Chief Executive of the Hong Kong Monetary Authority, Norman Chan, stated that the daily average transaction amount for the Renminbi Real-Time Gross Settlement System is expected to increase compared to last year, but due to the larger base, the growth rate will slow down.
The Real-Time Gross Settlement System is an important financial infrastructure in Hong Kong, currently supporting the simultaneous settlement of foreign exchange transactions in Hong Kong dollars, US dollars, euros, and Renminbi. The Renminbi Real-Time Gross Settlement System was launched in 2007, and its daily average transaction amount has surged over the past four years, reaching 733 billion yuan last year, and further increasing to approximately 800 billion yuan in the first half of this year, with July and August this year being the first to exceed one trillion yuan.
Norman Chan pointed out that due to the expanded base, the growth rate of the daily average transaction amount of the Renminbi Real-Time Gross Settlement System will inevitably slow down in the future, and it will not increase at a rate of 70% to 100% every year, which is a normal development. Regarding the recent depreciation of the Renminbi, Chan stated that fluctuations in the exchange rate may stimulate the volume of Renminbi foreign exchange transactions, thus the overall changes in transaction amounts must be viewed in light of factors such as real trade, foreign exchange markets, and stock markets. He mentioned that with the current scale of Renminbi liquidity in Hong Kong, it can support a considerable amount of financial intermediary activities. Additionally, the Renminbi liquidity support tools provided by the Monetary Authority are operating smoothly, and the limits are sufficient, with no instances of "overuse" reported. (Source: China.com)