Want...The RMB trade settlement conducted through Hong Kong banks amounted to 6.3 trillion yuan (US$1 trillion) in 2014, rising 60% from a year ago, Hong Kong's Financial Secretary John Tsang said here on Wednesday. Delivering the 2015-16 budget speech, Tsang said that as the world's largest center for offshore RMB banking, financing and asset management, Hong Kong aims to expand RMB business links with the rest of the world.
He said RMB bond issuance in Hong Kong rose 70% year-on-year to 200 billion yuan (US$32 billion) last year, while the average daily turnover on Hong Kong's RMB Real Time Gross Settlement system increased 80% to 850 billion yuan (US$136 billion) in the fourth quarter of 2014.
Tsang said Hong Kong will also work with mainland authorities to further increase the investment quota for the RMB Qualified Foreign Institutional Investors Scheme and strive for early implementation of the arrangement for mutual recognition of funds.
As for the Shanghai-Hong Kong Stock Connect, Tsang said the project has been operating smoothly since its launch in November last year, and Hong Kong will continue to stage roadshows in mainland China to attract investors.
He also said Hong Kong shall review the experience of the implementation of this project, and discuss with the relevant authorities of the Central Government the launch of the Shenzhen- Hong Kong Stock Connect and enhancement of the Shanghai-Hong Kong Stock Connect