Hong Kong and Britain tie up to promote renminbi

The semi-annual forum will focus on finding synergies by enhancing linkages between Hong Kong and London.

The Hong Kong Monetary Authority and the UK Treasury on Monday announced the launch of a joint private-sector forum, to enhance cooperation between Hong Kong and London on the development of offshore renminbi business.

The forum was set up following a discussion between Chief Executive Donald Tsang and UK Chancellor of the Exchequer George Osborne last September to foster such cooperation.

The forum will focus on exploring synergies by enhancing linkages between Hong Kong and London, specifically regarding clearing and settlement systems, market liquidity and the development of new renminbi-denominated financial products.

It will comprise representatives from both Hong Kong and London banks, including HSBC, Standard Chartered, Bank of China, Deutsche Bank and Barclays, and may invite other institutions' representatives as appropriate.

The forum will meet twice a year, with the first meeting to be held in Hong Kong in May.

“With the support of the Central Government, Hong Kong has developed into a global hub for offshore renminbi business. Banks and financial institutions in London are most welcome to make good use of Hong Kong's offshore renminbi platform,” Mr Tsang said.

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Tags: Hong Kong UK, renminbi business, Hong Kong reniminbi