China is preparing to withdraw $62 trillion worth of its securities from the European market.

Hong Kong authorities are working on creating an alternative to European securities depositories Euroclear and Clearstream to reduce dependence on Western financial infrastructure, the Financial Times reports.

The Hong Kong Exchange (HKEX) and the Hong Kong Monetary Authority plan to transform the Central Money Market Settlement System into an international depository capable of handling cross-border payments and currencies including the yuan.

China's debt securities market is valued at $25 trillion, of which $5 trillion is managed by CMU, while Euroclear and Clearstream currently administer $42 trillion and $20 trillion, respectively.
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