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People's Daily Online>>China Business

HK sees rapid growth in RMB business in 2011, yet far from becoming offshore RMB center

(Xinhua)

09:06, December 05, 2011

HONG KONG, Dec. 4 (Xinhua) -- Hong Kong has achieved significant progress in both developing offshore renminbi businesses and bringing related policies forward in 2011, but the city still has a relatively long way to go before becoming an offshore renminbi center, a senior official with the Hong Kong government said.

In an interview with Xinhua, Secretary for Financial Services and the Treasury, K C Chan, said the internationalization of the Chinese currency yuan, or renminbi, which is at its very early stage, is forging ahead in a new and unprecedented fashion and should proceed step by step with caution.

As a principal official, 54-year-old Chan is overseeing policy-making and vision of Hong Kong's financial services industry, one of the four pillars of the Hong Kong economy. Before joining the government in July 2007, Chan, also a noted economist, was Dean of the Business School of the Hong Kong University of Science and Technology, Asia's top business school.

PROGRESS

Chan said Hong Kong's offshore RMB business, which officially started in February 2004, gained very good momentum in 2011, as the RMB deposits grew considerably and a lot more RMB-denominated bonds were issued this year.

According to figures from the Financial Services and the Treasury Bureau, by the end of October, RMB deposits in Hong Kong nearly doubled from the start of this year, to 618.5 billion yuan (97.2 billion U.S. dollars), which accounted for about 10 percent of the total deposits in Hong Kong.


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