 |
| No.1 February, 2013 |
|
| |
|
| |
Hong Kong's role as RMB hub set to expand |
|
| |
|
|
| |
 Hong Kong's role in the internationalisation of the Renminbi (RMB) is set to expand in the coming years. Speaking at the Asia Private Equity Forum 2013, Financial Secretary John C Tsang said Hong Kong is committed to the RMB's internationalisation.
"In the year ahead, we shall continue to play a leading role in promoting offshore business using the Mainland currency, the Renminbi," said Mr Tsang.
He said Hong Kong's thriving commercialism and open economy made it a natural offshore hub for trading the currency.
"With our city's free flow of capital, effective rule of law and robust regulatory environment, Hong Kong is a fertile testing ground for the internationalisation of the Renminbi."
The RMB is increasingly being used outside the Mainland not only for trade settlement, but also for investment and funding.
As of January 16th 2013, the value of outstanding RMB loans in Hong Kong is about 70 billion RMB, which is more than double the amount at the end of 2011.
Mr Tsang added that Hong Kong's role as an offshore RMB is also supported by the Central Government's National 12th Five-Year Plan.
"This plan gives full support to Hong Kong's development as an asset management centre and international financial gateway to the Mainland," he said.
In his maiden Policy Address, Chief Executive C Y Leung also stressed Hong Kong's commitment to RMB internationalisation.
"In the space of just a few years, Hong Kong has become the largest and most liquid RMB business centre outside of the Mainland."
"We will consolidate and expand our offshore RMB business, especially in the areas of cross-border RMB trade settlements, and issuance of offshore RMB bonds and securities products."
|
|
| |
|
|
|
| |
 |
|
|
| |
|
|
|
| |
|
|
|
|
|
