The Secretary for Financial Services and the Treasury, Christopher Hui, says the administration is working to make renminbi trading more convenient in the SAR.

In last year’s Policy Address, the chief executive stated the government wants to promote the global use of renminbi and solidify the city's position as an offshore renminbi business hub.

Currently, 24 securities listed on the Hong Kong stock exchange have adopted the dual-counter model, meaning they can be traded in either the Hong Kong dollar or renminbi.

On RTHK's Overview Policy programme, Hui noted the next step is to make the model accessible to investors in the Greater Bay Area.

"I feel that one very obvious trend after the pandemic is that, even though globalisation has been somewhat affected, regionalisation is very practical and is happening," he said.

"Trade between different countries in Asia has increased. When trade increases, there's really no need to use other currencies. I can use a currency that everyone is using."

The minister also mentioned that the government is trying out different scenarios to expand the use of digital renminbi.

"On one hand, of course, if mainland residents come to Hong Kong, how does our system here accommodate them? If they want to use the digital renminbi, they can do so," he said.

"On the other hand, if I want to use the digital renminbi on the mainland, how do I do that? These are the two areas we are working on."

The minister added Hong Kong needs to strengthen its role as a financial services hub, saying this is what makes the city appealing to investors.