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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) welcomes the announcement today (May 22) by the Hong Kong Securities and Futures Commission and the China Securities Regulatory Commission concerning the mutual recognition of funds between the Mainland and Hong Kong.
The Chief Executive of the HKMA, Mr Norman Chan, said, "This is another milestone in the liberalisation of the Mainland's capital account after the establishment of mutual stock market access between Shanghai and Hong Kong. It also facilitates Hong Kong's development into a full service asset management centre in Asia. The client base of locally domiciled funds will expand to include Mainland investors, while Mainland funds will become accessible to global investors through the mutual recognition arrangement. More fund administration, asset management, distribution and marketing activities and other related functions will take place in Hong Kong."
"Mutual recognition of funds will also deepen financial links between Hong Kong and the Mainland in terms of market infrastructure and regulatory cooperation. For the implementation of mutual recognition of funds, the HKMA is working closely with relevant institutions in the Mainland to establish an efficient fund processing platform to provide an automatic channel for cross border transactions and cash settlement. I look forward to seeing the successful implementation of the arrangement."
Ends/Friday, May 22, 2015
Issued at HKT 17:53
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