HK willing to promote worldwide use of the yuan
Source: Xinhua |
May 17, 2012, Thursday
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Print Edition
Print Edition
HONG Kong is willing to promote and expand offshore renminbi, or yuan, business with other financial centers around the world, according to the chief executive of the Hong Kong Monetary Authority.
"We are open to diversified offshore renminbi markets," Norman Chan said on Tuesday. "Hong Kong would like to build mutually beneficial relations with potential offshore markets including Tokyo."
At a seminar on Hong Kong as the offshore yuan center for global businesses in Tokyo, Chan said the growing trade links between China and Japan indicated a strong business case for the use of the yuan.
China is playing an increasingly important role in intra-regional trade in Asia and is currently Japan's largest trading partner. Last year, Japan's exports to China were a fifth of its total while more than 20 percent of Japan's imports were from China, according to HKMA statistics.
"The internationalization of renminbi involves linking of the onshore and offshore renminbi markets through three bridges, namely trade settlement, direct investment and portfolio investment," Chan said.
He was optimistic about the developments of those bridges. "Hong Kong represents a comprehensive one-stop platform which can facilitate Japanese companies and banks to conduct various kinds of offshore renminbi business, from corporate and correspondent banking, financing to wealth management."
Currently, 13 Japanese banks are taking part in Hong Kong's yuan clearing platform, and six Japanese companies have issued over 3 billion yuan (US$474.5 million) of dim sum bonds in Hong Kong.
The seminar in Tokyo was the sixth in a series of overseas roadshows held by the HKMA since last year. Similar events were held in other countries, including Australia and the United Kingdom.
"We are open to diversified offshore renminbi markets," Norman Chan said on Tuesday. "Hong Kong would like to build mutually beneficial relations with potential offshore markets including Tokyo."
At a seminar on Hong Kong as the offshore yuan center for global businesses in Tokyo, Chan said the growing trade links between China and Japan indicated a strong business case for the use of the yuan.
China is playing an increasingly important role in intra-regional trade in Asia and is currently Japan's largest trading partner. Last year, Japan's exports to China were a fifth of its total while more than 20 percent of Japan's imports were from China, according to HKMA statistics.
"The internationalization of renminbi involves linking of the onshore and offshore renminbi markets through three bridges, namely trade settlement, direct investment and portfolio investment," Chan said.
He was optimistic about the developments of those bridges. "Hong Kong represents a comprehensive one-stop platform which can facilitate Japanese companies and banks to conduct various kinds of offshore renminbi business, from corporate and correspondent banking, financing to wealth management."
Currently, 13 Japanese banks are taking part in Hong Kong's yuan clearing platform, and six Japanese companies have issued over 3 billion yuan (US$474.5 million) of dim sum bonds in Hong Kong.
The seminar in Tokyo was the sixth in a series of overseas roadshows held by the HKMA since last year. Similar events were held in other countries, including Australia and the United Kingdom.
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