HK-London Forum launched to Promote Co-operation on the Development of Offshore Renminbi Business

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The Hong Kong Monetary Authority (HKMA) and the UK Treasury today (January 16) announced the launch of a joint private-sector forum, to be facilitated by the HKMA and the UK Treasury, to enhance cooperation between Hong Kong and London on the development of offshore Renminbi (RMB) business.

This Forum was set up following a discussion in September 2011 between Hong Kong’s Chief Executive, Mr Donald Tsang, and the UK Chancellor of the Exchequer, Mr George Osborne, to foster cooperation on development of offshore RMB business.

The Forum will focus on enhancing linkages between Hong Kong and London, specifically regarding clearing and settlement systems, market liquidity and the development of new RMB denominated financial products. It will comprise representatives from banks in Hong Kong and London, including HSBC, Standard Chartered, Bank of China, Deutsche Bank and Barclays, and may invite representatives of other institutions as appropriate. The Forum will meet twice a year, with the first meeting to be held in Hong Kong in May.

This development will build on Hong Kong’s work in establishing itself, with the support of the Central Government, as a global hub for offshore RMB business. This is enshrined in the National 12th Five-Year Plan released in March 2011. By establishing appropriate linkages with Hong Kong's offshore RMB platform, banks in London and other parts of the world will be able to provide a comprehensive range of RMB banking and financial services to meet the rapidly increasing demand of their customers. Hong Kong and London are well placed to develop offshore RMB business and closer cooperation between the two financial centres will bring about mutual benefits.

The complete press release can be found at http://www.info.gov.hk/gia/general/201201/16/P201201160157.htm

Hong Kong Economic and Trade Office, London The Government of the Hong Kong Special Administrative Region
6 Grafton Street
London W1S 4EQ
Tel: +44-(0)20-7499 9821
Fax: +44-(0)20-7495 5033
Email: general@hketolondon.gov.hk