China allows expanded yuan business in Hong Kong - UPDATE2 |
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Published
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Wed, 10 Jan 2007 15:33
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HONG KONG (AFX) - China's State Council, or cabinet, has approved a further expansion of yuan business in Hong Kong, allowing mainland financial institutions to issue bonds here denominated in the Chinese currency, the Hong Kong government said.It said the move will offer banks greater business opportunities.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 further expansion of renminbi business in Hong Kong embodies the support of the central government in strengthening Hong Kong's position as an international financial centre,' Tsang added.Today's State Council meeting was chaired by Premier Wen Jiabao, mainland media reported.Detailed guidelines regarding issue of yuan-denominated bonds in Hong Kong 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 