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The following is issued on behalf of the Hong Kong Monetary Authority:
The Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Norman Chan, led a roadshow this week in South America to promote the one-stop offshore Renminbi (RMB) financial platform offered by Hong Kong.
Speaking at the events in Brazil, Mr Chan said, "Trade between Brazil and China has expanded phenomenally in the past decade. Brazil's exports to China increased from US$2.3 billion in 2001 by 22 times to US$52.6 billion in 2011, while its imports from China increased from US$1.9 billion by 17 times to US$33.8 billion. Since 2009, China has overtaken the US as Brazil's largest trading partner. Bilateral trade and investment links between Brazil and China are expected to strengthen in the years ahead, and the use of RMB will open up more business opportunities for companies in both countries."
Mr Chan also said, "Hong Kong has long been the hub for trade between China and other parts of the world, intermediating some 30% of China's external trade in 2011. At the same time, Hong Kong is also the gateway for China's inward and outward direct investments, accounting for some 60% of the flows in both directions. Against this backdrop, in the process of RMB's internationalisation, Hong Kong has developed into the most comprehensive and competitive platform for offshore RMB business. Apart from providing a full range of RMB banking services including trade settlement and financing, Hong Kong has the largest pool of offshore RMB liquidity, and has become the global hub for RMB dim-sum bonds with issuance totalling RMB 108 billion yuan in 2011. In order to better serve financial institutions and corporates from different parts of the world, the operating hours of the RMB Real Time Gross Settlement system in Hong Kong will be extended to 11.30pm (12.30pm, Brazilian time), and thereby allowing Brazil to use the Hong Kong platform for settling RMB transations during the morning hours in its time zone."
There were altogether five roadshow events co-organised with the Bank of America Merrill Lynch, HSBC and Banco Santander respectively in Brazil, which were attended by participants from banks, fund managers, corporates and government agencies.
Chile was the other stop of the roadshow, where its trade with China increased by 12 times to US$32 billion from 2001 to 2011. The HKMA co-organised with Banco de Chile, BBVA and Banco Santander three roadshow events there, which were participated by the largest importers and exporters in Chile apart from financial institutions and government agencies.
Ends/Friday, April 27, 2012
Issued at HKT 19:34
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