Hong Kong hopes to begin active Renminbi bonds business
immediately upon completion of the Hong Kong Renminbi Real Time
Gross Settlement (RTGS) system, the Hong Kong Monetary Authority
(HKMA) stated in a press release Tuesday.
Hong Kong's monetary chief Joseph Yam said "HKMA will complete
the work of establishing the Renminbi RTGS system and the related
infrastructure as soon as possible to allow the new business to be
launched quickly," according to the press release.
Yam explained that an important part of financial cooperation
between Hong Kong and the mainland is the exploration in how to
progressively link the financial markets of the two places, which
will increase the scope, efficiency and liquidity of both
markets.
Hong Kong's Financial Secretary Henry Tang and Joseph Yam met
with Zhou Xiaochuan, Governor of the People's Bank of China, in
Beijing on Tuesday discussing the issuance of Renminbi bonds in
Hong Kong.
Their common position is that the sale and distribution of the
Renminbi bonds, trading, settlement and custody and pricing in Hong
Kong will be in line with habitual Hong Kong market practices, said
the press release.
(Xinhua News Agency January 17, 2007)