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The State Council has today (January 10) agreed to a further expansion of renminbi business in Hong Kong. Financial institutions on the Mainland, upon obtaining approval, can issue renminbi financial bonds in Hong Kong.
Welcoming the development, the Chief Executive, Mr Donald Tsang, said, "I am very pleased that, following discussions between the Hong Kong Special Administrative Region Government and the relevant Mainland authorities for over a year, the State Council has formally approved a further expansion of renminbi business in Hong Kong."
"This new category of renminbi business is conducive to business opportunities for banks and enhancing 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," he said.
Ends/Wednesday, January 10, 2007
Issued at HKT 19:24
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