Govt Open To RMB-based Products

(To watch the relevant media session with sign language interpretation, click here.)

Permanent Secretary for Financial Services & the Treasury (Financial Services) Salina Yan today said the Government remains open-minded and supportive of the development of financial products denominated in renminbi.

Ms Yan made the statement in response to a reporter’s question on the possibility of adopting more yuan-based financial instruments in Hong Kong at a media session following the National 14th Five-Year Plan talk.

She noted that with a diversified capital market, Hong Kong offers a wide range of products catering for international investors’ different needs.

“(We are) the first to develop offshore renminbi in Hong Kong. We have the first bank deposits in renminbi, then followed by other investment products, be it bonds or stocks.

“This is not a totally new thing for stocks, equities to be denominated in renminbi and be traded in Hong Kong.

“I noticed that Hong Kong Exchanges & Clearing already has such a mechanism.”

Apart from the Government's supportive policies, usage of the mechanism will depend on factors such as market demand and regulatory requirements, she added.