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ECONOMY | Tony Chua, Hong Kong

Renminbi business boosts Hong Kong's status as financial hub

Government believes Hong Kong has very good potential to develop into an offshore renminbi business centre.

Developing Hong Kong’s renminbi business will bolster its status as a financial centre, Secretary for Financial Services & the Treasury Prof KC Chan.

Prof Chan spoke to reporters after chairing a panel discussion on specific arrangements for renminbi direct investment at a seminar on the implementation of the Central Government’s measures to support Hong Kong's financial development.

“During today’s forum, when we talked about Hong Kong’s development into an offshore renminbi centre, a few main points we emphasised were Hong Kong’s capital market size and our connectivity with international financial centres,” he said.

“In that context, Hong Kong has very good potential to develop into an offshore renminbi business centre."

He added he was pleased to learn that Hong Kong tops the World Economic Forum’s Financial Development Index.

“I would not comment on whether we will stay at the top or not next year. We climbed a few steps this year. We will be working very hard to maintain Hong Kong’s competitive advantage and to increase Hong Kong’s capital market. And more importantly, in future years, developing Hong Kong’s renminbi business will give our financial centre an additional boost.”

He said the lack of an economic growth engine would affect world markets, including Hong Kong.

“The situation in Europe is worrying. It will continue to cause volatility in various markets…In Hong Kong, we have to be prepared for the slowing down of the world economy. As I said, a lot of growth engines are here and in Mainland China. We should try to use every opportunity to make progress in our economic development,” he said.

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