Financial Secretary Paul Chan on Sunday said Hong Kong should work on developing its offshore renminbi trading sector amid the increased international use of the currency.

The SAR’s unique contribution to national development is to serve as an international financial hub under the “One Country, Two Systems” principle, which cannot be replicated by any other mainland city, he said.

Speaking on a Commercial Radio programme on Sunday, Chan said more countries are now using the renminbi.

“We are the largest offshore renminbi business hub in the world. The renminbi can be exchanged freely here with various investment tools and products. Investors can buy stocks using renminbi in Hong Kong and vitalise their money via the Southbound Scheme,” he said.

“There are also different risk management tools as well... we should do well in the offshore renminbi business.”

Meanwhile, Chan said Hong Kong has sufficient land supply in the coming 10 years and the government was also building up its land reserves to ensure a stable supply of land depending on the market’s demand.

He also said in a blog post that a Northern Metropolis working group led by him, which focuses on devising development and operation models, would hold its first meeting this month.

The government would also shift to a “two-envelope approach” for tendering from the conventional “highest bidder wins,” Chan said.

Such an approach would require enterprises to submit their development plans so the government could consider their potential economic benefits, he said.