12 Nov '11, 4am

Offshore yuan trade in HK "growing"

HONOLULU, Hawaii: Hong Kong is "making good progress" as China's premier offshore global trading centre for the yuan, the Chinese territory's chief executive Donald Tsang said Friday. By the end of September, deposits had reached 622 billion yuan ($97 billion), Tsang told a business forum in Honolulu, estimating that trade settlement handled by Hong Kong banks would exceed 1.5 trillion yuan this year. "Since the launch of renminbi (yuan) banking in Hong Kong in 2004, the scope of business and the pool of renminbi liquidity have expanded rapidly," he said. "We are making good progress." Tsang, speaking on the sidelines of Asia-Pacific Economic Cooperation (APEC) meetings, said Hong Kong's role as the premier offshore centre for the yuan trade had been outlined in China's 12th five-year plan earlier this year. Analysts say China is stepping up efforts to increase overseas us...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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