HKMA Promoting Hong Kong’s Offshore RMB Business

Mr. Norman Chan, Chief Executive of the Hong Kong Monetary Authority (HKMA), was in Toronto, Canada on 8 June to promote Hong Kong as a global hub for offshore RMB business.

The seminar led by Mr. Chan on “RMB Internationalisation: A New Era for Global Trade and Finance” attracted an audience of over 200 attendees from Canadian authorities, financial institutions and corporates.

"Bilateral trade between China and Canada grew to some CAD$80 billion in 2014, which increased by two times compared to 2004. China is now Canada’s second largest trading partner, and there are enormous opportunities for further growth,” said Mr. Chan. “Canada could leverage on Hong Kong’s role as a global hub for offshore RMB business to seize the opportunities offered by the RMB internationalisation and China’s growth story.”

The seminar included a panel discussion joined by senior representatives from the Hong Kong Stock Exchange and financial institutions on the new RMB investment opportunities that include not just the Shanghai-Hong Kong Stock Connect, but also the newly announced Mutual Recognition of Funds scheme and the Shenzhen-Hong Kong Stock Connect which is expected to be launched in 2015.

The seminar was part of the “Think Asia, Think Hong Kong” promotion programme organised by the Hong Kong Trade Development Council in Toronto.

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