The Hong Kong Monetary Authority (HKMA), together with the Hong Kong Trade Development Council, organised a seminar on “Hong Kong: Offshore Renminbi Centre for Global Businesses” yesterday (Tuesday) in London. This was also a joint effort with financial industry representatives to promote the use of Hong Kong’s renminbi (RMB) financial platform by UK and European corporates and financial institutions in conducting their offshore RMB businesses.
In his keynote presentation, Mr Norman Chan, Chief Executive of the HKMA, said, “As a result of its reform and liberalisation over the past three decades, China has created an economic miracle and become the world’s second largest economy and the largest exporting nation. With the growth in advanced economies turning more subdued in the next few years, it has been projected that more than one-third of the global economy’s growth would come from China. Meanwhile, Hong Kong is the best window through which the rest of the world can develop and deepen their trade and investment links with China. In 2010, some 30% of China’s external trade was intermediated through Hong Kong, and nearly 60% of China’s inward and outward direct investments were originated from or directed to Hong Kong.”
Mr Chan also said, “As the internationalisation of RMB progresses, offshore RMB businesses will be developed in different parts of the world. For London as Europe’s business and financial centre, the demand for offshore RMB financial services and products by customers will increase rapidly. In this regard, the Hong Kong RMB platform can support the development of various kinds of offshore RMB businesses in London, and this will be mutually beneficial for both places.”
At the panel discussion, senior representatives from the Bank of China (Hong Kong) Limited, HSBC, Standard Chartered Bank (Hong Kong) Limited and the Hong Kong Exchange showcased the comprehensive one-stop RMB services that Hong Kong as the offshore RMB business centre can offer, from RMB clearing and correspondent banking services for banks and financial institutions from all around the world at the wholesale level, to banking and capital market financing and wealth management services for corporates at the customer level.
The seminar was attended by over 200 representatives of financial institutions and corporates from UK and the Europe. It was part of the “Think Asia, Think Hong Kong” promotion programme organised by the Hong Kong Trade Development Council.
Hong Kong Monetary Authority
14 September 2011
Photo 1A & 1B
Photo Caption: Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority speaks at a seminar on “Hong Kong: Offshore Renminbi Centre for Global Businesses” in London. He says that with the growth in advanced economies turning more subdued in the next few years, it has been projected that more than one-third of the global economy’s growth would come from China; and Hong Kong is the gateway best placed to develop and deepen global economies' trade and investment links with China.
Photo Caption: Mr He Guangbei, Vice Chairman and Chief Executive of Bank of China Hong Kong; Ms Anita Fung, Chief Executive Officer of Hong Kong, HSBC; Mr Benjamin Hung, Executive Director and Chief Executive Officer of Standard Chartered Hong Kong; and Eric Landheer, Senior Vice President and Head of Issuer Marketing, Hong Kong Exchange, showcase the comprehensive one-stop RMB services that Hong Kong as the offshore RMB business centre can offer. The seminar is well attended by over 200 business leaders and representatives of financial institutions and corporates from UK and the Europe.
Photo Caption: Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority takes picture with panelists Mr He Guangbei, Ms Anita Fung, Mr Benjamin Hung and Mr Eric Landheer at the seminar on “Hong Kong: Offshore Renminbi Centre for Global Businesses”. Second from left is Mr Fred Lam, Executive Director of the Hong Kong Trade Development Council, the co-organisor of the seminar.