Why China’s rise as a ‘financial superpower’ could depend on Hong Kong
South China Morning Post
by Enoch YiuFebruary 24, 2026
AI-Generated Deep Dive Summary
Hong Kong’s strategic role as a financial hub is pivotal to Beijing’s ambitions of elevating China into a “financial superpower.” With the rise of the yuan as a global currency, Hong Kong has emerged as an offshore yuan hub, facilitating international trade and investment for mainland banks and companies. This transformation began in 2009 when China initiated efforts to promote the yuan’s use in global transactions, solidifying Hong Kong’s position as a key player in this growth.
As Beijing rolls out its next five-year plan and renews President Xi Jinping’s vision of a financial superpower, Hong Kong is poised to play a critical role beyond just supporting the yuan. The city’s established reputation as a global financial center, bolstered by its common-law system, robust financial infrastructure, and talent pool, positions it uniquely to drive innovation in digital currency adoption, connect mainland businesses with international investors, and serve as a testing ground for cryptocurrency assets.
Hong Kong’s potential to accelerate the use of the digital yuan is particularly significant. With its advanced financial ecosystem and global connections, the city can help China expand its influence in the digital currency space. Additionally, Hong Kong’s role in facilitating initial public offerings (IPOs) for mainland companies on the global stage underscores its importance as
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Originally published on South China Morning Post on 2/24/2026