HK's Pioneer Role In RMB Internationalization To Continue
by Mary Swire, Lowtax.net, Hong Kong
15 April, 2014
During a speech at the Boao 2014 Asia Forum in Hainan on April 10, Chief Executive CY Leung confirmed that Hong Kong will maintain its pioneering role in offshore renminbi business development.
Speaking on Hong Kong's opportunities and challenges in the process of RMB internationalization, he pointed out that Hong Kong remains the premier offshore center for RMB business, not least through its pioneering role in the development of that business since 2004.
However, as a first mover in offshore RMB business, Leung said that "Hong Kong is now happy to see the development of RMB business in different parts of the world, as this represents more opportunities for Hong Kong to further develop its leading role and hones the city's competitiveness as a financial super-connector linking China with the rest of the world."
He noted that, by the end of February this year, the aggregate amount of RMB deposits and certificates of deposit in Hong Kong reached RMB1.128 trillion (USD181.6bn), representing the largest offshore RMB liquidity pool in the world.
Leung concluded that: "The continued growth of RMB liquidity in Hong Kong and elsewhere has been the fundamental driving force behind further innovations in the offshore market, meeting the needs of individuals, enterprises and financial institutions for consumption, investment and capital requirements from around the world."A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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