Latest News:  
Beijing   Overcast/Cloudy    2 / -6   City Forecast

People's Daily Online>>China Business

HK, UK to jointly promote RMB business


09:41, January 17, 2012

HONG KONG, Jan. 16 (Xinhua) -- The Hong Kong Monetary Authority and the UK Treasury on Monday announced the launch of a joint private-sector forum to enhance cooperation between Hong Kong and London on the development of offshore renminbi business.

The forum will focus on exploring cooperation by enhancing linkages between Hong Kong and London, specifically regarding clearing and settlement systems, market liquidity and the development of new renminbi-denominated financial products.

It will comprise representatives from both Hong Kong and London banks, including HSBC, Standard Chartered, Bank of China, Deutsche Bank and Barclays, and may invite other institutions' representatives as appropriate.

"With the support of the Central Government, Hong Kong has developed into a global hub for offshore renminbi business. Banks and financial institutions in London are most welcome to make good use of Hong Kong's offshore renminbi platform," said Donald Tsang, chief executive of Hong Kong Special Administrative Region government.

The forum will meet twice a year, with the first meeting to be held in Hong Kong in May. It was set up following last September's landmark accord in which the UK and the Chinese government for the first time welcomed the development of the offshore RMB market in London.


Leave your comment0 comments

  1. Name


Selections for you

  1. China seeks Gulf partnership to push renewable energy

  2. Laughs fill train returning home

  3. Mastermind of armed robbers gang caught

  4. Fire leaves nine dead, one missing in SE China

Most Popular


  1. New driving force for East Asian cooperation
  2. In love with luxury amid global gloom
  3. China should take fight to US over Iran
  4. How will HK go through economic difficulties in 2012
  5. US dollar is just a dirty shirt
  6. Factors affecting world economy in 2012
  7. Why Russia's aircraft carrier visits Syrian port
  8. Central grain reserves turn into 'market stabilizer'
  9. A priority for Asia-Pacific shift
  10. Will US decline soon?

What's happening in China

They're young, and they're good

  1. 585,200 migrant workers receive overdue wages
  2. Internet use rises at slower pace in 2011
  3. Bank of Tibet approved to open
  4. Hungry birds to get help from above
  5. Orange juice safe, makers say

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance