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The Financial Secretary, Mr John C Tsang, yesterday (November 19, London time) continued his visit to London.
In the morning, Mr Tsang held a meeting with the Lord Mayor of the City of London, Ms Alderman Fiona Woolf, to forge even stronger financial and professional ties between the Hong Kong and City of London as leading global financial centres.
Mr Tsang then attended a luncheon at Asia House, at which he said that the close links between Hong Kong and the United Kingdom (UK), combined with Mainland China's rapid reform and opening up to the world, continue to present new opportunities for business. There are ample opportunities for Hong Kong and the UK to develop even stronger ties, he added.
Later, at a business seminar titled "Think Asia, Think Hong Kong: Opportunities in a High-Growth Region" organised by the Hong Kong Trade Development Council, Mr Tsang emphasised that Hong Kong continues to provide the shortest and most reliable route for businesses to connect with Mainland China.
Serving as China's global financial centre, Hong Kong is at the forefront of Renminbi liberalisation. In the first nine months of this year, about 80 per cent of China's offshore repayments, or over 2.6 trillion RMB, were handled by banks in Hong Kong, he noted.
"Foreign firms can gain a competitive edge by developing their Renminbi portfolios. They can become more attractive partners for Mainland companies that prefer conducting international trade using their own currency. Overseas firms can also reduce exchange rate costs and risks by settling their Mainland trade in Renminbi instead of a third currency.
"Hong Kong stands ready to assist UK companies in further promoting the use of Renminbi," he said.
At a speaking engagement at London Business School, Mr Tsang outlined the exciting prospects for businesses and financial professionals in Hong Kong.
In the evening Mr Tsang attended a reception with members of the UK's Hong Kong community to better understand their lives, work and studies there.
Before concluding the day, Mr Tsang attended a dinner hosted by the Chairman of the Dubai Financial Services Authority, Mr Saeb Eigner.
Ends/Wednesday, November 20, 2013
Issued at HKT 09:37
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