The Financial Leaders Forum, chaired by the Financial Secretary, Mr Paul Chan, held its 19th meeting today (June 15).

     Members were briefed on the latest progress of the preparation work on allowing stocks eligible for Southbound Trading under Stock Connect to be denominated in Renminbi (RMB). They supported the Government, financial regulators and the Hong Kong Exchanges and Clearing Limited to continue taking forward the preparatory work. At the same time, members were of the view that the Government and relevant institutions could study additional measures to incentivise issuers and investors for the issuance and trading of RMB-denominated securities in Hong Kong, with a view to strengthening Hong Kong's function as a global offshore RMB business hub and contributing to the process of RMB internationalisation. 

     Members were also briefed on the carbon market opportunities for Hong Kong, including the preliminary feasibility assessment published by the Green and Sustainable Finance Cross-Agency Steering Group in March 2022, the latest progress and follow-up plans. Members welcomed the continuous efforts of the Government and financial regulators to take forward the relevant work in support of developing Hong Kong as a regional carbon trading centre. 
 
     In addition, the Insurance Authority briefed members on the legislative proposals to implement a risk-based capital regime for the insurance industry. Members were pleased to note that the implementation of the proposals will ensure that the regulatory regime of the Hong Kong insurance industry moves with the times and further enhances the financial soundness of insurers in Hong Kong, thereby strengthening Hong Kong's function as an international risk management centre.

Ends/Wednesday, June 15, 2022
Issued at HKT 18:37

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