RMB offshore business refers to the operation of RMB deposits outside China. The current circulating currency in Hong Kong is mainly Hong Kong dollars. Hong Kong’s RMB offshore center will gradually convert the circulating currency from Hong Kong dollars. It is a trading center for RMB.

This is part of the process of RMB free convertibility.

If the RMB were completely freely convertible and became part of the world currency, the impact of exchange rate changes on my country's export trade and other aspects would be much smaller, and traders would be able to do business with much less exchange rate risk. And we don’t need to keep so many foreign exchange reserves. More money can be used to develop the real economy and improve people’s livelihood.

Hope it’s useful.