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The Chief Executive, Mr C Y Leung, welcomed in Beijing today (November 12) the new arrangement to be implemented by Hong Kong banks to lift the Renminbi (RMB) daily conversion limit for Hong Kong residents with effect from next Monday (November 17).
The Chief Executive believed that the lifting of conversion limit could facilitate Hong Kong residents in participating in the Shanghai-Hong Kong Stock Connect and other RMB financial transactions. It could also further promote the status of Hong Kong as an offshore RMB business centre.
The Chief Executive expressed gratitude to the Central Government for its staunch support to Hong Kong in developing as an international financial centre of our country. He also thanked the Hong Kong Monetary Authority and the banking industry of Hong Kong for their efforts in securing the new arrangement.
Ends/Wednesday, November 12, 2014
Issued at HKT 13:16
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