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Pilot scheme to boost RMB growth: Hong Kong official ,[link widoczny dla zalogowanych]
Hong Kong's Secretary for Financial Services and the Treasury K C Chan Saturday said Mainland's pilot scheme for the settlement of overseas direct investments in renminbi will facilitate Hong Kong's offshore renminbi market development.Speaking on a local radio talk show on Saturday,[link widoczny dla zalogowanych], Chan said the move will further enhance the circulation of renminbi funds overseas,[link widoczny dla zalogowanych], and people will need to find an offshore market to conduct trading,[link widoczny dla zalogowanych], lending activities and investment in renminbi.
Under the scheme, Mainland enterprises,[link widoczny dla zalogowanych], upon approval by Mainland authorities,[link widoczny dla zalogowanych], can conduct direct investments overseas using renminbi.Since Hong Kong has a sound renminbi clearing and settlement system,[link widoczny dla zalogowanych], he said,[link widoczny dla zalogowanych], part of the overseas renminbi funds will stay in Hong Kong,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], increasing renminbi deposits in the city. This will allow enterprises to borrow money from the enlarged capital pool in Hong Kong,[link widoczny dla zalogowanych], enhancing the city's financial market development.
Noting internationalizing the country's currency needs an offshore market and a local market,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], Chan said Hong Kong and Shanghai have different roles to play and both are equally important to the country's financial and economic development.He said participants of the upcoming Asian Financial Forum to be held in Hong Kong next week will discuss renminbi internationalization and financial management opportunities and challenges in Asia.
As the speed of the economic rebound in European countries and the U.S. is relatively slow,[link widoczny dla zalogowanych], the focus of the global economic growth in the coming five years will be in Asia. Chan said Hong Kong should grasp the opportunities to grow as investors' first choice for asset management.
The official Shanghai Securities News reported that China's stock market capitalisation has overtaken Japan as the world's second-biggest.A research report from a private think tank says the A-share cap in Shanghai and Shenzhen totalled 26.35 trillion yuan at the end of 2010,[link widoczny dla zalogowanych], up 8.7 percent from 2009. That made China's A-share market 12 percent,[link widoczny dla zalogowanych], or 420 billion US dollars,[link widoczny dla zalogowanych], bigger than Japan's stock market.
About 350 companies debuted on the Mainland's A-share markets last year. They raised a total of 476.8 billion yuan through initial public offerings.But China's A-share market recorded one of the worst performance in major world capital markets in 2010.
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