Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
421.9001

Speeches

Remarks at the Signing Ceremony for the Launch of Retail Renminbi Non-deliverable Forward Contracts

by Y K Choi, Chairman of Treasury Markets Forum of Hong Kong

26 September 2005

Ladies and gentlemen,

1. On behalf of the Treasury Markets Forum of Hong Kong (TMF), I would like to welcome you all to this signing ceremony for the launch of retail renminbi non-deliverable forward contracts.

2. Following recent reforms to the renminbi exchange rate regime, there is an increasing demand from small and medium-sized enterprises and other retail customers for financial products to hedge their renminbi exposures. In view of such market development, the TMF responded quickly and formed a Working Group in August to consider and develop a product to meet the market demand. The Working Group has now completed its study and recommended the launch of a product - retail Renminbi non-deliverable forward contracts, in Hong Kong.

3. I will leave it to Ms Anita Fung, the Chairman of the TMF's Market and Product Development Sub-Committee, to explain the main features of the product to you. I would like to take this opportunity to thank Anita and other members of the Working Group for their contribution in developing the product within such a short time frame. This is a clear demonstration that the TMF, with the help and cooperation of market practitioners, is able to react to market developments quickly and efficiently, and this is very important for the development of Hong Kong's treasury markets.

4. The conviction that "the whole is greater than the sum of its parts" is indeed what drove the establishment of the TMF last year. By bringing together bankers, brokers, corporate treasurers and other market professionals, the TMF's objective is to raise the level of professionalism of market practitioners and the overall competitiveness of Hong Kong's treasury markets.

5. The TMF has made a number of achievements since its establishment last year. The launch of this retail renminbi NDF product is a clear example of how the TMF leverages on the coordinated efforts of its members to drive market and product developments.

6. This spirit of cooperation actually extends beyond market and product developments. Last year, the TMF joined hands with the ACI-The Financial Markets of Hong Kong (ACIHK) to launch a membership drive. As a result, ACIHK's membership rose sharply from 500 to more than 2,000. Furthermore, an educational programme was launched concurrently in conjunction with two local universities, with the aim of raising the professionalism of treasury market practitioners in Hong Kong.

7. Apart from these achievements, the TMF has also contributed to the promotion of Hong Kong's treasury markets, through participating in conferences and exhibitions overseas and on the Mainland, and in the formulation of industry codes and standards. These efforts have been made a lot more effective by having the industry participants working together through the TMF platform.

8. To consolidate the success achieved so far by the TMF, and to provide a solid institutional structure to take forward further initiatives for market development, the TMF is working to establish a Treasury Markets Association (TMA) through a merger with the ACIHK. Preparatory work is progressing well and we expect the TMA to be formally established by the end of this year. The TMA will continue to work closely with the industry to foster financial innovation, enhance the skills of market professionals and strengthen Hong Kong's position as a regional hub for treasury markets business.

9. I believe that the achievements made by the TMF so far, including the launch of the retail renminbi NDF product today, are only a start. The establishment of the TMA later this year should provide an even better platform from which to continue and intensify these collaborative efforts.

10. Last but not least, I would like to thank once again all the Working Group members for their efforts in developing and launching this retail RMB NDF product in such a short time. This is a very good demonstration of the efficiency of bankers in this vibrant and dynamic market.

11. Thank you.

Last revision date: 1 August 2011
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery