Forging ahead:
Chief Executive CY Leung discusses Hong Kong’s opportunities and challenges in the renminbi's internationalisation during a dinner session at the Boao Forum for Asia Annual Conference.
Forging ahead:
Chief Executive CY Leung discusses Hong Kong’s opportunities and challenges in the renminbi's internationalisation during a dinner session at the Boao Forum for Asia Annual Conference.
Offshore RMB business bolstered
April 10, 2014
Hong Kong will maintain its pioneering role in offshore renminbi business development, Chief Executive CY Leung said at the Boao Forum for Asia Annual Conference 2014 in Hainan today.
Speaking at a dinner session on Hong Kong's opportunities and challenges in the process of renminbi internationalisation, he said Hong Kong is happy to see the development of renminbi business in different parts of the world.
This represents more opportunities for Hong Kong to further develop its leading role in the renminbi's internationalisation and hones the city's competitiveness as a financial super-connector linking the country with the rest of the world, he said.
By the end of February, the aggregate amount of renminbi deposits and certificates of deposit in Hong Kong reached RMB1.128 trillion, he said, representing the largest offshore renminbi liquidity pool in the world.
The continued growth of renminbi liquidity in Hong Kong and elsewhere has been the fundamental driving force behind further innovations in the offshore market, meeting individuals', enterprises' and financial institutions' needs for consumption, investment and capital requirements from around the world, he added.
People's Bank of China Governor Zhou Xiaochuan and China Securities Regulatory Commission Chairman Xiao Gang also spoke at the dinner session, which Secretary for Financial Services & the Treasury Prof KC Chan moderated. More than 120 delegates attended.
Earlier in the day, Mr Leung attended the Boao Forum for Asia annual conference's opening plenary session, and a session on Hong Kong's future as an international financial centre, with more than 150 delegates.
The session’s panellists include Zhou Xiaochuan, Xiao Gang, Prof Chan and Financial Services Development Council Chairperson Laura Cha.
Mr Leung will depart for Shanghai tomorrow.
