NEWS: Renminbi ranks fifth among the seven major reserve currencies

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The Asian Financial Forum, co-sponsored by the HKSAR Government and the Hong Kong Trade Development Council, was held at the Hong Kong Convention and Exhibition Centre from 14 to 15 January. On the morning of January 15, the co-sponsors of Phoenix Finance and Economics and KVB Kunlun International held a workshop on the theme of "Inclusive SMEs in Hong Kong, Creating a Sustainable Ecology and a Co-operative Future".
Guan Tao, senior researcher of the China Finance Forty Forum, first expounded four advantages of Hong Kong's participation in the construction of Dawan District: the first advantage of talent gathering; the second advantage of Hong Kong's academic atmosphere; the third advantage of entering the mainland market; and the fourth advantage of professional services.
Turning to the topic of RMB exchange rate, Guan Tao said that since the 811 exchange rate reform in 2015, the reform of RMB exchange rate has taken a step forward. After the previous unilateral decline, the fluctuation of RMB exchange rate increased significantly in 2018. Among the seven major currencies released by the International Monetary Fund, the RMB ranked fifth last year, which had been the bottom all the time.
Guan Tao said: "Last year, the RMB exchange rate duplicated the exchange rate since the 811 exchange rate reform in 2015. At the beginning of the year, the RMB appreciation broke 6.3, rose to the 811 reform level, and fell to the lowest level. People are discussing whether to protect 7 or break 7. In less than a year, we duplicated the trend of the RMB exchange rate in the past two years."


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