Hong Kong's offshore renminbi foreign exchange market has become an integral part of the international foreign exchange market after years of development. The market will continue to facilitate Hong Kong as an international financial center and be a critical role in renminbi internationalization.

The outline of the 14th Five-Year Plan clearly states that the status of China’s Hong Kong (hereinafter referred to as Hong Kong) as an international financial center and a global offshore renminbi business hub. Hong Kong，as the main business hub for offshore renminbi foreign exchange，is home to the most comprehensive offshore renminbi clearing infrastructure，sound legal system，and talents superiority. All of which have given Hong Kong a clear and unique edge in terms of the scale and depth of the offshore renminbi forex market. Regarding market development，the offshore renminbi market matured from non-deliverables to deliverables，from base products to derivatives，and from short maturity products to long maturity ones.

Spot Forex Market for Offshore Renminbi

As the institutional arrangements for cross-border renminbi business evolved，the offshore renminbi spot forex market has undergone three stages: incubation，rapid development，and further maturing.