HK losing sheen as offshore yuan center

Other global centers fast catching up with the city in payments, report by SWIFT says

Stiff competition from emerging offshore yuan centers around the world eroded Hong Kong's share of global payments in the Chinese currency during February, the Society for Worldwide Interbank Financial Telecommunication said in a report on Monday.

The La Hulpe, Belgium-based SWIFT provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.