At a ceremony to launch the renminbi retail bond offering of HSBC Bank (China) Limited, Hong Kong’s Chief Secretary, Henry Tang, emphasized the strategic role Hong Kong holds as China’s Mainland markets extend their global role.
As an international financial center of China, he said, one of Hong Kong’s most important policy initiatives is the development of renminbi business.
“Renminbi business has taken root in Hong Kong since 2004,” he continued, “when renminbi deposits, remittances, exchanges and credit cards were introduced, followed by renminbi checks in 2005. In 2007 came the first issue of renminbi bonds by Mainland financial institutions. In 2009, we saw the first issue of renminbi bonds by Hong Kong banks on the Mainland. To date, we have had a total of nine renminbi bond issues in Hong Kong, totaling RMB29bn [USD4.2bn].”
He also added that he was “delighted to share … that recently we have achieved another breakthrough by launching the pilot scheme of renminbi trade settlement.”
“All of these,” Tang continued, “consolidate Hong Kong’s role as a testing ground for the Mainland’s financial reforms, diversify our renminbi business, and increase the mobility of renminbi funds between the Mainland and Hong Kong. Renminbi business is going to add to the breadth and depth of our financial market and underline our strengths as an international financial center.”
A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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