Quick Take: Guangdong-Hong Kong-Macau Area Explores Role in Internationalizing Yuan
The Guangdong-Hong Kong-Macau “Greater Bay Area” is exploring a pilot program that will allow freer use of the yuan between the province and two special administrative regions, a Hong Kong government official said Friday.
James Lau, Hong Kong’s secretary for financial services and the treasury, said Hu Chunhua, chief party secretary of Guangdong province, brought up the idea during his visit to Hong Kong in July. Discussions remain in an early stage with little progress, Lau added.
China is internationalizing its currency and allowing more cooperation between Guangdong, Hong Kong and Macau to support the drive, according to a previous agreement signed on July 1 under the initiative of developing the Greater Bay Area.
The goals of this initiative are allowing Guangdong to deepen its reform and open its market, and to consolidate Hong Kong’s position as a regional financial hub as well as its role as a strategic offshore yuan center.
There has been three mutual market connects that opened doors of capital flows between Hong Kong and the mainland so far, including two dual-way connects linking Hong Kong with stocks listed in Shanghai and Shenzhen bourse, and a northbound channel that allows foreign investors to trade Chinese bonds.
Mutual access to enlarge capital flows will eventually expand to a broader area such as payment and clearing system of onshore yuan when the time is right, Lau added.
Contact reporter Leng Cheng (firstname.lastname@example.org)
Aug 19 19:23
Aug 19 17:59
Aug 19 16:18
Aug 19 16:20
Aug 19 13:02
Aug 19 10:27
Aug 19 09:53
Aug 17 05:58
- 1Praise for JD and Huya, Less Excitement for Tencent Music and DouYu as ‘Team Tencent’ Reports
- 2Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
- 3TCL to Unveil Own Smart Screen This Week, Sources Say
- 4CX Daily: Hong Kong Cuts GDP Growth Forecast, Announces Stimulus Amid Unrest
- 5Does China Care About Climate Change?
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas