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Yuan Business Can Help Boost Role As Hub

THE pilot scheme recently announced by the Chinese central government to settle trade outside the mainland with the yuan can help affirm Hong Kong's position as the only international financial center linking the Chinese mainland and Asia, the city's Chief Executive Donald Tsang said yesterday.

Speaking at the second Asian Financial Forum in Hong Kong, Tsang said the scheme will make it possible to settle trade between Guangdong Province and the Yangtze River Delta with Hong Kong and Macau.

Exporters in the southern province of Yunnan and the Guangxi Zhuang Autonomous Region will also be able to settle trade payments with the 10-member ASEAN, he added.

Tsang said Hong Kong was working on the yuan business to enhance its role as the gateway to the mainland.

"Through this scheme, Hong Kong will be able to increase the scope of financial services and expand its role as a financial gateway to the mainland and as a leading financial services hub in Asia," Tsang said.


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