CS' speech at HSBC's launch ceremony of RMB retail bond offering (English only) (with photos/ video)

CS' speech at HSBC's launch ceremony of RMB retail bond offering (English only) (with photos/ video)
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     Following is a speech by the Chief Secretary for Administration, Mr Henry Tang, at a ceremony to launch the renminbi retail bond offering of HSBC Bank (China) Limited held this afternoon (August 17):

Vincent (Cheng, Chairman of HSBC Asia Pacific), Mr Kong (Dan, Chairman of CITIC Group), distinguished guests, ladies and gentlemen,

     I am pleased to join you this afternoon for the launch ceremony of Renminbi Retail Bonds Offering of HSBC Bank (China) Limited. Let me extend my warmest congratulations to the Bank and the HSBC Group on this happy occasion.

     As a Special Administrative Region and an international financial centre of China, Hong Kong plays a strategic role as the Mainland financial market reaches out to the world.  One of the most important policy initiatives is the development of renminbi business in Hong Kong.

     Renminbi business has taken root in Hong Kong since 2004, when renminbi deposits, remittances, exchanges and credit cards were introduced, followed by renminbi cheques in 2005.  In 2007 came the first issue of renminbi bonds by Mainland financial institutions.  In 2009, we saw the first issue of renminbi bonds by Hong Kong banks on the Mainland.  To date, we have had a total of nine renminbi bond issues in Hong Kong, totalling RMB29 billion.  I am also delighted to share with you that recently we have achieved another breakthrough by launching the pilot scheme of renminbi trade settlement.

     All of these consolidate Hong Kong’s role as a testing ground for the Mainland’s financial reforms, diversify our renminbi business, and increase the mobility of renminbi funds between the Mainland and Hong Kong.  Renminbi business is going to add to the breadth and depth of our financial market and underline our strengths as an international financial centre.

     Ladies and gentlemen, Hong Kong will continue to count on your support to develop a successful and prosperous renminbi market in the city.  On this note, may I convey my congratulations to HSBC Bank (China) Limited and the HSBC Group once again, and wish this bond issue great success, which I have every confidence that it will be.

     Thank you!

Ends/Monday, August 17, 2009
Issued at HKT 17:32

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