******************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
The Treasury Markets Summit 2014, jointly organised by the Hong Kong Monetary Authority (HKMA) and the Treasury Markets Association (TMA), was held today (September 15) in Hong Kong.
In his keynote address to the Summit, the Chief Executive of the HKMA, Mr Norman Chan, remarked the rapid progress in developing Hong Kong into the global offshore renminbi (RMB) business hub in the last five years. Mr Chan also highlighted the three key elements in building a successful global hub for offshore RMB business, namely, "Policy Headroom, Infrastructure and People/Products". He concluded that Hong Kong was uniquely positioned to take advantage and play a pivotal role in the new era of RMB internationalisation, and encouraged Hong Kong's financial industry and market practitioners to seize the policy headroom and develop relevant products and services that would best serve the needs of their clients.
In preparation for the imminent launch of the Shanghai-Hong Kong Stock Connect, Mr Chan announced two additional measures as backstop facility to assist banks in Hong Kong in managing their RMB liquidity, namely, intraday repo facility up to RMB10 billion for RMB participating banks in Hong Kong, and the designation of a number of banks as Primary Liquidity Providers (PLPs) for the offshore RMB market in Hong Kong. The PLPs will use and develop Hong Kong's platform to support their global offshore RMB business, and expand their market-marking activities in the CNH market. The list of PLPs will be announced shortly.
The Summit's panels focused on various facets of Hong Kong's treasury markets and asset management industry, including Hong Kong's role in supporting the RMB business in other financial centres, the positioning and strategies of Hong Kong in maintaining its status as a premier offshore RMB business hub and international asset management centre, and the opportunities and challenges brought by the development of Hong Kong as a corporate treasury centre.
Speakers at the Summit included Deputy Chief Executive of the HKMA and Chairman of the TMA Executive Board, Mr Peter Pang; Deputy Chief Executive Officer and Executive Director of Investment Products Division and International & China, Securities and Futures Commission, Ms Alexa Lam; and Financial Services Tax Partner, EY, Mr James Badenach.
The Summit was attended by over 350 participants, including representatives from regulatory authorities, the Government, treasury market practitioners, asset owners and managers as well as senior executives and professionals from banks, other financial institutions and corporates from different geographic locations.
Ends/Monday, September 15, 2014
Issued at HKT 17:00
NNNN
