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Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Professor K C Chan, at a media session at the China Economic Development Forum today (March 23):
Reporter: … raise the interest rate on yuan as reported?
Secretary for Financial Services and the Treasury: I have just told the Chinese media that as far as I can recall, I think there is a denial of such reports by the Hong Kong Monetary Authority. The development of the renminbi market in Hong Kong is doing well and the deposit is growing at a very good rate. We expect there will be further development and more offering of investment products, including the yuan bonds in Hong Kong, which will contribute together to a much more interesting and diversified investment product market in Hong Kong. These will contribute to the growth of the offshore renminbi market.
Reporter: Will the increase of interest rate happen in the next few months?
Secretary for Financial Services and the Treasury: I have no further comment on that. I think generally the market is doing well.
(Please also refer to the Chinese portion of the transcript.)
Ends/Wednesday, March 23, 2011
Issued at HKT 16:18
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