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The following is issued on behalf of the Hong Kong Monetary Authority:
The second Renminbi (RMB) Business Forum was held in Bangkok, Thailand today (November 26). The Forum, facilitated by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT), was attended by Hong Kong banks and more than 200 representatives from public institutions, corporates, banks, asset management and insurance companies in Thailand.
Co-hosted by the Executive Director of the HKMA Mr Vincent Lee, and the Assistant Governor of the BOT, Ms Chantavarn Sucharitakul, the Forum discussed the recent developments and outlook for RMB internationalisation and the new business opportunities for financial institutions and corporates. Senior representatives from banks and a corporate in Thailand joined the panel discussion to exchange views on RMB business following exciting developments in both markets, which included the launch of the Shanghai-Hong Kong Stock Connect and the Mainland-Hong Kong Mutual Recognition of Funds, the establishment of the RMB clearing bank in Thailand in early 2015, and the inaugural issuances of RMB bonds by a Thai bank and a local corporate respectively during the year.
The Forum also discussed the increasing use of the RMB in trade settlement and ways to further strengthen the RMB business linkages between Hong Kong and Thailand. According to SWIFT, around 25 per cent of SWIFT payments between Mainland China and Hong Kong on the one hand and Thailand on the other are currently denominated in the RMB, nearly doubled from 13 per cent in 2012.
The HKMA and the BOT will continue to work together to promote awareness of the growing international use of the RMB.
Ends/Thursday, November 26, 2015
Issued at HKT 18:52
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