Hong Kong stocks set to benefit from yuan pricing in currency globalisation move.
Hong Kong-listed stocks, including Alibaba and Tencent, will be priced in yuan and the Hong Kong dollar under the Dual Counter Model program, which aims to attract overseas investors with yuan holdings and eventually mainland Chinese investors. The move comes as Beijing tries to internationalize the yuan and challenge the US dollar's dominance on the world stage. The yuan is currently at its lowest against the US dollar since November, and the new trading program could limit conversion and hedging costs for investors trading with the yuan.