Financial platform: Secretary for Financial Services & the Treasury Frederick Ma addresses the Forum on the Development of Pan-PRD Capital Markets in Chengdu.

Hong Kong's banks are well-prepared and have the strength to expand renminbi business, Secretary for Financial Services & the Treasury Frederick Ma says.

Speaking today at the Forum on the Development of Pan-Pearl River Delta Capital Markets in Chengdu, Mr Ma said renminbi deposits have grown to 20 billion since local banks were allowed to run renminbi business in February last year.

Hong Kong, as a fund-raising platform for Mainland enterprises, will help and encourage them to use the city to access the international market, he said.

More than 300 Mainland firms have become listed companies in Hong Kong's stock market, representing 28% of total listed companies at the Hong Kong Stock Exchange. In the first six months of this year they accounted for 40% of total stock turnover.