A total of more than 2 billion renminbi has been deposited in banks here in the first two weeks since the launch of personal renminbi services by 35 banks on February 25, the Monetary Authority says.

In its latest quarterly bulletin published today, the authority noted that this is an important milestone in the growing economic integration between Hong Kong and the Mainland, which is key to our economic revival.

The bulletin carried two research articles on renminbi, and its impact on both regional and global economies.

Renminbi unlikely to replace HK dollar

The launch of renminbi services here has raised the question of whether, sooner or later, the HK dollar will itself become marginalised. The article concluded that this is unlikely, as in the foreseeable future the renminbi wil notl replace the HK dollar to any great extent in transactions here.

As regards the impact of a renminbi appreciation on global imbalances, the other article carefully examined the arguments behind the calls for the renminbi to appreciate, but concluded that an appreciation of the renminbi would contribute little towards correcting global trade imbalances.

The bulletin also carried articles on local debt market developments last year, and the relationship between real estate indicators, the banking sector and the larger economy.

For more details of the bulletin, click here.