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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA), together with the Hong Kong Trade Development Council, organised a seminar on "Hong Kong: Offshore Renminbi Centre for Global Businesses" yesterday (September 13, London time) in London. This was also a joint effort with financial industry representatives to promote the use of Hong Kong's Renminbi (RMB) financial platform by UK and European corporates and financial institutions in conducting their offshore RMB businesses.
In his keynote presentation, Chief Executive of the HKMA, Mr Norman Chan said, "As a result of its reform and liberalisation over the past three decades, China has created an economic miracle and become the world's second largest economy and the largest exporting nation. With the growth in advanced economies turning more subdued in the next few years, it has been projected that more than one-third of the global economy's growth would come from China. Meanwhile, Hong Kong is the best window through which the rest of the world can develop and deepen their trade and investment links with China. In 2010, some 30% of China's external trade was intermediated through Hong Kong, and nearly 60% of China's inward and outward direct investments were originated from or directed to Hong Kong."
Mr Chan also said, "As the internationalisation of RMB progresses, offshore RMB businesses will be developed in different parts of the world. For London as Europe's business and financial centre, the demand for offshore RMB financial services and products by customers will increase rapidly. In this regard, the Hong Kong RMB platform can support the development of various kinds of offshore RMB businesses in London, and this will be mutually beneficial for both places."
At the panel discussion, senior representatives from the Bank of China (Hong Kong) Limited, HSBC, Standard Chartered Bank (Hong Kong) Limited and the Hong Kong Exchanges and Clearing Limited showcased the comprehensive one-stop RMB services that Hong Kong as the offshore RMB business centre can offer, from RMB clearing and correspondent banking services for banks and financial institutions from all around the world at the wholesale level, to banking and capital market financing and wealth management services for corporates at the customer level.
The seminar was attended by over 200 representatives of financial institutions and corporates from UK and the Europe. It was part of the "Think Asia, Think Hong Kong" promotion programme organised by the Hong Kong Trade Development Council.
Ends/Wednesday, September 14, 2011
Issued at HKT 15:09
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