HK set for more RMB business
By Hui Ching-hoo and Zhang Jin (China Daily)
Updated: 2006-06-30 08:35 As an international financial hub, Hong Kong has been a pioneer in
conducting RMB business and many financiers hope the city will become an
offshore yuan business centre.
They have called on the central government
to quicken its pace in widening yuan services and initiating measures to benefit
small- and medium-sized banks.
"International financial houses (operating
in Hong Kong) would be the first to be allowed to issue yuan bonds," said Brian
Cheung, a senior manager with Liu Chong Hing Bank, a medium-sized player in Hong
Kong.
"Smaller ones like us can hardly reap the fruit of the policies,"
he said, adding he hoped small player-friendly policies would be introduced in
the future.
Local businesses also hailed the latest additions to the
Closer Economic Partnership Arrangement (CEPA) between the mainland, Hong Kong
and Macao, which were announced yesterday.
The additions, to take effect
on January 1, 2007, include: allowing Hong Kong tourist agencies to organize
tours of Hong Kong for Guangdong residents; allowing Hong Kong lawyers to handle
some marriage and succession cases on the mainland; and the lowering of
requirements for Hong Kong building, logistics and information technology firms
to open and do business on the mainland.
(For more biz stories, please visit Industry Updates)
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