Transcript of remarks by CS (with video)

Transcript of remarks by CS (with video)
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Following is a transcript of remarks by the Chief Secretary for Administration, Mr Henry Tang, after attending a radio programme this (January 29) morning:

Reporter: You mentioned that Hong Kong has already under CEPA made many arrangements integrated with the Pearl River Delta. Is it realistic to just expect to have more integration with the Mainland? My second question which my colleague has just asked: is it possible for Hong Kong to introduce Renminbi as reserve capital?

Chief Secretary for Administration: I’ll answer your second question first. Renminbi is not a convertible currency so in the absence of being a fully convertible currency, I think it would be difficult for us to use it as reserve currency. But I see Renminbi's development in the last few years and I am encouraged by its development. I have no doubt one day it will become a convertible currency. When that day comes, I think there is something that Hong Kong will consider when that day comes but not before.

As far as your first question is concerned, I think there is a lot of potential for Hong Kong and Pearl River Delta to further integrate in order to facilitate the development of the economy of the whole Pearl River Delta. Remember it is in the district of about 50 million people, maybe a little more. So it has a lot of potential as far as taking economic development to the next stage as well as the movement of people, the movement of currency or the movement of financial services and the movement of goods.

(Please also refer to the Chinese portion of the transcript.)

Ends/Thursday, January 29, 2009
Issued at HKT 12:27

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