Hong Kong and Shanghai extend the yuan’s international reach (opens in new tab)

Hong Kong and Shanghai have become the nation’s twin financial powerhouses. A day after the Lujiazui Forum, an annual gathering in Shanghai of key financial officials, bankers and regulators, Hong Kong announced the long-anticipated trading of Chinese treasury futures, a crucial move to internationalise the yuan. Trading for futures contracts on the five-year government bonds is expected to start on August 3 on the Hong Kong stock exchange. Data shows global demand for yuan assets is increasi...