The Hong Kong Monetary Authority is promoting the internationalization of the yuan through four key strategies, including enhancing liquidity and exploring new offshore markets, says Raymond Yuen Shiu-yung, head of HKMA’s external department.

At a forum on yuan internationalization, Yuen highlighted efforts to strengthen liquidity, including the yuan trade liquidity facility jointly announced by the People's Bank of China and HKMA.

Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim said HKMA will officially launch the trade facility, which will have a total size of 100 billion yuan (HK$107.25 billion), by the end of this month.

In terms of market expansion, he said Hong Kong will actively explore new markets such as the Association of Southeast Asian Nations and the Middle East, and strengthen cooperation with more central banks.