Renminbi plan welcomed

August 17, 2011

Monetary Authority Chief Executive Norman Chan has welcomed the Central Government's plan to further develop Hong Kong as an offshore reminbi business centre.
 
He said the measures announced today will greatly promote renminbi financing activity in Hong Kong, and enable the development of the Hong Kong offshore business centre to reach a new level.
 
"The expansion of the bridges linking the onshore and offshore renminbi markets to facilitate the orderly flow and circulation of renminbi funds is an important process for the development of the Hong Kong offshore renminbi business centre.
 
"The Central Government's new measures will greatly promote financing activities in renminbi in Hong Kong by Hong Kong and overseas corporates for their foreign direct investments in the Mainland, allow Mainland non-financial entities to have access to an attractive renminbi financing platform, increase the usage for the growing pool of renminbi funds in Hong Kong, and at the same time promote the further and continued development of Hong Kong's renminbi bond market."
 
Mr Chan said the Monetary Authority will work closely with the People's Bank of China and other Mainland authorities to follow up on the implementation of the various measures.