The report recommends capitalizing on Hong Kong's unique advantages in the process of Renminbi Capital Account Convertibility. The report highlights the rapid progress of internationalization of Renminbi since the launch of the pilot scheme in 2009, with settlement in renminbi under the current account amounting to RMB 7.2 trillion in 2015. The PBoC has signed bilateral currency swap agreements with 33 countries and regions and has set up renminbi clearing arrangements in 20 countries and regions. The report also mentions the launch of RQFII, RQDII, and Shanghai-Hong Kong Stock Connect, as well as the opening up of the Mainland's interbank bond market to offshore renminbi clearing banks, overseas central banks, and institutional investors, marking a new phase in the second stage of renminbi internationalization on capital account convertibility. By the end of March 2016, onshore renminbi financial assets held by overseas institutions and individuals amounted to RMB 3.3 trillion.
