Hong Kong Plugged As Offshore Renminbi Centre In London
Monday, September 19, 2011

The Hong Kong Monetary Authority (HKMA), together with the Hong Kong Trade Development Council, has run a seminar in London for financial industry representatives to promote the use of Hong Kong's RMB financial platform by UK and European corporates and financial institutions in conducting their offshore RMB business.

In his keynote presentation, the Chief Executive of the HKMA, Norman Chan said: "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."

He added that: "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), HSBC, Standard Chartered Bank (Hong Kong) and Hong Kong Exchanges and Clearing 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.