China allows expanded yuan business in Hong Kong - UPDATE |
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Published
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Wed, 10 Jan 2007 13:16
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HONG KONG (XFN-ASIA) - China's State Council, or cabinet, has approved a further expansion of yuan business in Hong Kong, giving local banks a chance to increase their business opportunities, the Hong Kong government said.It said Chinese financial institutions will now be able to issue yuan-denominated bonds in Hong Kong.Chief executive Donald Tsang said the approval came following discussions held for over a year with mainland authorities.'I am very pleased that following discussions between the Hong Kong SAR government and the relevant mainland authorities for over a year, the State Council has formally approved a further expansion of the renminbi business in Hong Kong,' Tsang said in a statement.He said the approval should promote business opportunities for local banks and enhance financial flows between Hong Kong and the mainland.The State Council meeting was chaired by premier Wen Jiabao, according to mainland media.Detailed rules will be announced by the Chinese central bank later.leonora.walet@xfn.comlw/rc
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China state council allows expansion of yuan business in Hong Kong 