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Banking Sector Suggests Govt to Actively Enhance Offshore RMB Centre Status of HK
Chief Executive John Lee will deliver his third Policy Address in October. Financial Secretary Paul Chan held a consultation session with the financial sector at the Central Govern...
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Banking Sector Suggests Govt to Actively Enhance Offshore RMB Centre Status of HK
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Chief Executive John Lee will deliver his third Policy Address in October. Financial Secretary Paul Chan held a consultation session with the financial sector at the Central Government Offices yesterday (20 Aug), under the theme of "International Financial Centre".

According to local media, some representatives of the banking sector suggested that the Government should actively enhance Hong Kong's offshore RMB centre status, including considering allowing offshore clearing banks to participate in China's open market operations and issuance of notes. They also advocated that enterprises with a secondary listing in Hong Kong should be included in the Hong Kong Stock Connect, so as to enhance the competitiveness of the stock market. Some participants also recommended that the HKMA should guide Middle East sovereign funds and pension funds to invest in strategically important enterprises listed in Hong Kong.

Members of the securities industry suggested relaxing the listing policy to attract more enterprises to Hong Kong, adjusting the stamp duty on stocks to reduce transaction costs, and developing Hong Kong into an Asian commodity futures centre.

It is learnt that Bonnie Chan, CEO of the HKEX (00388.HK)  +2.400 (+1.086%)    Short selling $112.92M; Ratio 6.941%   , said during the meeting that Hong Kong, as an international financial centre, should not only focus on new shares in its fund-raising ability. She emphasised that Hong Kong's refinancing achievements this year have been remarkable, and that in the past, some big blue chips, such as ZIJIN MINING (02899.HK)  +0.520 (+3.725%)    Short selling $76.19M; Ratio 17.184%   and BABA-SW (09988.HK)  +1.050 (+1.262%)    Short selling $785.65M; Ratio 11.261%   , have conducted refinancing exercises with the participation of many investors from Europe and the US. HKEX will consider further facilitating the refinancing market in the future.

Attendees of the meeting included some Legislative Council Members, and members of the accounting, banking and securities industries. Representatives from the banking sector included Sun Yu, Vice Chairman and Chief Executive at BOCHK, and Li Man-Kiu, Joint CEO at BEA.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-09-12 16:25.)

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