Central government’s top financial brass pledged full backing for the Hong Kong Special Administrative Region’s role as an international financial hub and offshore renminbi nexus, Hong Kong Monetary Authority Chief Executive Eddie Yue Wai–man said on Tuesday in Beijing.

The commitment was reiterated during a two-day Beijing trip by Yue, who led a delegation of Hong Kong Association of Banks representatives for high-level meetings with mainland regulators, including People’s Bank of China Governor Pan Gongsheng, China Securities Regulatory Commission Chairman Wu Qing, and State Administration of Foreign Exchange chief Zhu Hexin, on Monday and Tuesday.

Hong Kong has performed strongly as a financial hub despite external headwinds, and the central government will continue its “unwavering support” for the city’s role as an offshore yuan center, Yue said, citing mainland officials.

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According to Yue, mainland authorities also vowed to further advance banking and capital market reforms and opening-up, areas Hong Kong can play a vital role in through its international capital markets.

This would include facilitating mainland companies’ listings on the Hong Kong bourse and leveraging the city as a platform for their international operations.

Yue added that the Guangdong-Hong Kong-Macao Greater Bay Area, as a pivotal national development initiative, offers opportunities for deepening financial cooperation.

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He said the HKMA has been working with the People’s Bank of China and the State Administration of Foreign Exchange to expand the global use of the renminbi.

“We are developing frameworks to boost renminbi liquidity, expand product offerings, and strengthen risk management capabilities,” Yue said.

Hong Kong banking delegations have visited the Middle East, Thailand and Malaysia to establish connections between Hong Kong’s banking sector and local institutions, promoting RMB use in trade and investment settlements, Yue added. “The work will continue through next year.”

Yue said the Wealth Management Connect could see further upgrades.

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The latest version of the wealth link, which took effect in February, “only completed its rollout in recent weeks with mainland brokerages joining the program”, Yue said. Fourteen licensed corporations in Hong Kong were included in the first batch of brokers to offer cross-boundary investment services for GBA investors by Nov 1.

“We are discussing potential enhancements with mainland authorities, including broadening investment products, adjusting quotas, and streamlining sales and marketing processes,” he added.

The investment link, launched in 2021, enables retail investors in nine Guangdong cities to invest in Hong Kong products and vice versa.

Luanne Lim, chairperson of the Hong Kong Association of Banks, said the Wealth Management Connect 2.0 had attracted over 120,000 investors as of October, with 46,000 new mainland investors joining since the program’s expansion.

“While we expect continuous improvements to the program, any changes must be implemented under controlled risk parameters,” she said.

Contact the writer at tianyuanzhang@chinadailyhk.com