Hong Kong Stock Exchanges and Clearing (HKEX) is launching the HKD-RMB Dual Counter Model program to attract overseas investors with yuan holdings and, eventually, mainland Chinese investors boosting China’s currency in the global finance arena.

Starting Monday, the program would allow traders to buy and sell some of Hong Kong’s biggest-listed stocks using the renminbi (yuan), including Tencent Holdings, Alibaba Group Holding, and China Mobile. The list comprises 24 companies with a combined market value of $1.9 trillion, accounting for over a third of the city’s total.

This move also opens the door for investors in countries like Russia, which heavily relies on China’s currency due to being largely shut out of the global financial system by Western sanctions. They could participate in the program, leveraging their yuan holdings.

To minimize the price differences between the two currencies, HKEX will launch a market-maker program. Investors can choose to trade using Hong Kong dollars or yuan, which could help limit conversion and hedging costs, considering the recent volatility of the yuan. The yuan is currently at its lowest point against the US dollar since November, reflecting a disappointing post-COVID economic recovery.

This new trading program in Hong Kong aligns with China’s efforts to internationalize the yuan and challenge the dominance of the US dollar on the world stage. The Hong Kong market expects this program to revitalize its stock market, which has recently experienced low turnover.

By allowing investors to trade equities in the renminbi and the local currency, the initiative aims to attract more buyers by minimizing exchange-rate risk and strengthening the renminbi’s status as an international currency.