Survey: 63% of institutions choose offshore RMB markets as access route for RMB usage – Hong Kong’s hub role in focus
The survey shows 87% of institutions already have access to RMB markets. When asked which access schemes they prefer for RMB activity, respondents most commonly selected offshore RMB markets (63%), followed by Connect Schemes such as Bond Connect and Stock Connect (54%). This underscores the importance of Hong Kong’s offshore ecosystem and cross-boundary market links in enabling RMB usage at scale.
RMB adoption is becoming more portfolio-led than tactical, with 66% of respondents citing diversification benefits as the leading reason for allocating to RMB assets. China’s role in global trade and investment (54%) and yield opportunities (40%) were also identified as key drivers.
Cheuk Wong, Head of Macro Trading, Asia and Head of Markets and Securities Services, Hong Kong, HSBC, said: “What has shifted in recent years is that RMB market access is no longer about entry; it is about whether investors can operate seamlessly at scale. Deepening the offshore RMB liquidity pool, alongside the continued expansion of the Connect schemes, is improving end-to-end usability in terms of liquidity access, investment and risk management selections for investors. As infrastructure and various cross-boundary market access schemes continue to step up, Hong Kong’s role as a super-connector remains central to this evolution.”
RMB is gradually evolving from a transactional currency into a strategic asset allocation tool. Three in four (75%) institutional investors expect their RMB usage for investment purposes to increase over the next 12 to 24 months, followed by hedging (71%), settlement (62%), cash management (56%) and financing (52%).
With demand for RMB fixed income continuing to build, Hong Kong is targeting the launch of Five-Year China Government Bond Futures in August, strengthening the risk-management toolkit available to international investors managing their government bond exposure. In the survey, almost one-third of respondents (32%) identified government bonds as the top RMB asset class offering the biggest opportunities, ahead of A-share equities (24%) and corporate bonds (14%).
The survey also points to where RMB-linked growth may accelerate next. Respondents expect the strongest RMB-linked capital flow growth to occur across China-ASEAN corridors (93%) and Asia-Middle East corridors (81%). This reflects broader shifts in trade flows, new economy financing, regional investment connectivity and supply chain integration.
The survey was commissioned by HSBC and conducted independently by FinanceAsia between March and early May 2026. More than 120 institutional investors across 12 markets participated, representing over USD32 trillion in total assets under management (AUM), including Australia, Chinese Mainland, Hong Kong SAR, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand. Respondents included banks, asset managers, hedge funds, insurance companies, securities firms, sponsors and public sector institutions. Full report is available at: https://www.business.hsbc.com/en-gb/insights/RMB-Internationalisation.
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The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,306bn at 31 March 2026, HSBC is one of the world’s largest banking and financial services organisations.