Following is the transcript of remarks (English portion) by the Financial Secretary, Mr Henry Tang, on further expansion of Renminbi business at the Central Government Offices today (January 10):

Financial Secretary: The State Council announced today its agreement to a further expansion of renminbi business in Hong Kong. Financial institutions on the Mainland, upon obtaining approval, can issue renminbi-denominated financial bonds in Hong Kong. We welcomed the Central Government's agreement. It is following our recommendation to further expand renminbi business in Hong Kong. It will promote economic integration between Hong Kong and the Mainland. It will also provide channels for returning renminbi circulating in Hong Kong back to the Mainland.

Reporter: Do you have any figures on what does it mean to Hong Kong?

Financial Secretary: We do not have figures, in practical terms, on how much business is involved. But upon the introduction of renminbi business in Hong Kong, we have found that the community actually is treating it very objectively and rationally. In regard of deposit, we now have gradually built up the deposit base in renminbi. The public is treating it sensibly and rationally.

Reporter: The steps have been going on for at least a decade. What does it mean on developing Hong Kong into a bond centre?

Financial Secretary: I wouldn't exactly say that this has been going on for a decade because I have only been the Financial Secretary for a little over three years. In the three years, I believed that there are three pillars of financial services: banking, equity and debt. I believed that the debt market is the one which has great potential for further development.

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

Ends/Wednesday, January 10, 2007
Issued at HKT 20:18

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