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Hong Kong Chosen For RMB Pilot,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, November 29, 2007
Hong Kong is the premier choice as a pilot point for running renminbi (yuan) business
outside of mainland China, the territory's Chief Executive, Donald Tsang, has suggested.
Concluding his visit to Beijing last week, Tsang said that the Central Government
and Mainland financial institutions, including the People's Bank of China, all fully
support Hong Kong in expanding renminbi business. They also back Hong Kong in
strengthening its status as a world financial centre, Tsang added.
On the initiative to allow Mainlanders to directly invest capital in Hong Kong's
stock market, Tsang quoted Premier Wen Jiabao as explaining that it will be taken forward
cautiously and pragmatically, to ensure the financial stability of Hong Kong
and the Mainland.
Tsang further revealed that the Hong Kong Government will fully co-operate with the Mainland
when the initiative is given the green light.
When asked about Premier Wen's suggestions that Hong Kong boost its efforts
in four key areas - innovation, knowledge, talented people and the environment -
Tsang announced that he fully agrees, and will go into them in depth to ensure that Hong Kong
remains competitive.
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