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Use of yuan hits 6-month high in Hong Kong’s fast-payment system
Yuan-denominated payments rise 34 per cent, with Payment Connect mechanism acting as catalyst for multiplying cross-border use cases
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Hong Kong’s fast-transfer payments denominated in yuan surged to a six-month high in July, signalling accelerating adoption of real-time cross-border retail payment channels even as mainland Chinese authorities maintain tight controls on capital outflows.
Transaction values through Hong Kong’s Faster Payment System (FPS) for yuan reached 35.03 billion yuan (US$5.19 billion) in July, marking a 34 per cent increase from February, according to official data published by Hong Kong Interbank Clearing Ltd (HKICL) on Tuesday.
On a year-on-year basis, transaction value increased 16.8 per cent.
Analysts attributed the sharp uptick to the expanding commercial scope of Payment Connect – a joint cross-border infrastructure project launched in June 2025 by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China – alongside broader demand for renminbi assets.
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