Caixin
Oct 04, 2022 04:02 PM
FINANCE

Hong Kong’s Yuan-Denominated Stock Trading Plan Gets Support

HKEX the proposal to trade yuan-denominated shares of companies listed in Hong Kong would support the development of the city as an offshore yuan-funding hub and add new liquidity to the market for such stocks. Photo:: Bloomberg
HKEX the proposal to trade yuan-denominated shares of companies listed in Hong Kong would support the development of the city as an offshore yuan-funding hub and add new liquidity to the market for such stocks. Photo:: Bloomberg

(Bloomberg) — The Hong Kong government’s plan to trade yuan-denominated shares for companies listed in the city has attracted support from major businesses, despite concerns about the weakening Chinese currency. 

The Hong Kong government is preparing to create yuan shares in the stock-connect program by setting up a market-maker system in the first half of next year, Christopher Hui, secretary for financial services and the treasury said Monday. The government will submit a bill to lawmakers by the end of this year to exempt market-makers from paying stamp duty when they are providing liquidity for yuan shares.

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