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Forum spotlights boom in offshore RMB business

Panelists at the May 13 forum: (from left) Caroline Owen, regional head of RMB solutions for the Americas at Standard Chartered Bank; Anthony Mak, director of the New York Office of HKTDC; Ko-Yung Tung, partner at Morrison & Foerster LLP; Mike Moran, head of research, Americas at Standard Chartered Bank; and Apratim Chakravarty, head of offshore Asian product distribution at HSBC Global Markets.

More than 70 senior banking and finance professionals joined a panel discussion in New York City on May 13 to learn about the latest developments in Hong Kong’s expanding role as the premier offshore renminbi (RMB) business center.

The event "Hong Kong: The Premier Global Hub for Offshore Renminbi Business" was organized by the Columbia Business School Asian Alumni Club, in collaboration with the Hong Kong Economic and Trade Office in New York (HKETONY) and the Hong Kong Trade Development Council (HKTDC). It featured panelists from major financial institutions offering their views on the internationalization of the RMB.

The panel noted that Hong Kong has the largest pool of RMB liquidity outside of mainland China, which amounted to more than RMB 1 trillion in deposits and certificates of deposits. There have also been more than 380 RMB bond issuances in Hong Kong since 2007, mostly by non-financial companies from Hong Kong and overseas. At present, Hong Kong's RMB clearing platform handles about 70% of total RMB deposits and payment transactions globally.

“2014 marks the 10th anniversary of the offshore RMB market in Hong Kong,” said Acting Director of HKETONY Paul Cheung. “The Hong Kong SAR Government is committed to further develop Hong Kong as the premier RMB business center and an international financial center.”

 


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