Hong Kong Government -
Financial Secretary John Tsang celebrated Hong Kong's 10th anniversary as a provider of offshore renminbi banking services today.
In a statement, Mr Tsang said: "Internationalisation of the renminbi has become a dominant trend with more and more activities in major cities around the world. This trend will gather pace with the Central Government's commitment to ongoing financial and economic reform."
On February 25, 2004, Hong Kong's banks became the first globally to provide offshore renminbi banking services to personal customers. Since then, the city has developed new products and promoted the use of renminbi around the world.
Secretary for Financial Services & the Treasury Prof KC Chan said: "Hong Kong has developed into the world's largest offshore renminbi business hub, with the world's largest offshore pool of renminbi funds. Through the development of renminbi bonds, loans and equity products, Hong Kong has also become the largest offshore renminbi financing and asset management centre.
"Development of Hong Kong as a premier offshore renminbi business centre provides a new growth driver for our equity market and asset management business."
The Government will work with Mainland authorities to facilitate circulation of renminbi funds and diversify renminbi business and products, while Hong Kong's banks will provide wholesale services to international financial institutions and corporates.
The Government has also struck a general consensus with Mainland authorities on mutual recognition of funds, which will allow Hong Kong companies to reach Mainland investors.
"Hong Kong has a great opportunity to use its leading position as the centre for offshore renminbi business in a way that not only benefits our city, but also our partners in the Mainland and around the world," Mr Tsang said.