The quota pledged by Vice Premier Li Keqiang aims to support Hong Kong companies investing in securities in China.
“Hong Kong wants expanded yuan trade to bolster the financial services industry and support growth after the city’s economy shrank in the second quarter. China is expanding the currency’s global role as a U.S. Federal Reserve pledge to keep interest rates at record lows through mid-2013 threatens more weakness in the dollar,” said a Bloomberg report.
The Chinese Ministry of Finance’s sale of 20 billion yuan of “dim sum bonds” starting today, according to the report, will be its third and largest issue of yuan-denominated debt in Hong Kong. The report said, “Yuan deposits in Hong Kong totaled a record 554 billion yuan at the end of June, more than six times the level of a year earlier, according to the city’s de facto central bank.”
View the report here.
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