Arab Today, arab today china unveils new boost for hk
Last Updated : GMT 02:34:15
Arab Today, arab today
Arab Today, arab today

China unveils new boost for HK

Arab Today, arab today

Arab Today, arab today China unveils new boost for HK

Beijing- Arabstoday

Beijing will promote the further development of the offshore yuan market in Hong Kong as part of a new package of policies for the territory ahead the fifteenth anniversary of its return to China, the official Xinhua agency said on Wednesday. Since Britain handed back the colony on July 1, 1997, the city\'s economy has grown increasingly intertwined with that of mainland China, and Beijing has been eager to use the financial centre as a testbed for major reforms, such as its growing push to internationalise the yuan currency. \"On financial cooperation, the government will support the third-party to use Hong Kong as an venue to settle trade and investment in renmnibi (yuan) and further enrich the offshore renminbi products in Hong Kong,\" the Xinhua report said, without giving further details. The move to expand offshore use of yuan will further secure Hong Kong\'s place as a major international financial centre, said Andy Ji, currency strategist at Commonwealth Bank Of Australia in Singapore.It also \"will help boost renminbi demand in general as more instruments (for yuan-related investments) are made available,\" he said. London and other financial centres like Singapore are also vying for a share of the rapidly growing offshore yuan market. Shen Minggao, China economist for Citigroup in Hong Kong, also said that the development would be good for offshore yuan liquidity in Hong Kong, which is showing signs of flagging after several years of explosive growth. Though the yuan is still tightly controlled by Beijing, offshore yuan deposits at banks in Hong Kong had boomed in recent years as China slowly relaxed its grip on the currency, encouraging it to be used more often in settling international trade and for certain investments. Such deposits have declined steadily this year, however, as China\'s economic growth has slowed and as the yuan\'s appreciation against the US dollar ground to a halt, sharply reducing its investment appeal. Hong Kong\'s own economic growth is expected to slow to 1-3 per cent this year from 5 per cent in 2011, according to government estimates, as volatile global financial markets, bleak economic prospects in Europe and weaker growth in China and the United States all weigh on the highly open economy. China also will promote the mutual listings of exchange-traded funds (ETFs) on Hong Kong and mainland stock exchanges, the Xinhua report said. Chinese investors can already buy overseas stocks and bonds by investing in funds available under the Qualified Domestic Institutional Investor (QDII) scheme, but cross-border ETFs are expected to be easier to trade because they will be listed directly on Chinese bourses. In addition, Chinese investors hope the new ETFs will provide better returns than the current batch of QDII funds. CSRC vice-chairman Yao Gang was quoted in local media on Tuesday as saying that overall QDII fund performance to date had been \"not ideal.\" However, no such funds have yet received formal approval, nor did the report mention whether the QDII quota will be increased. China will also make it easier for Hong Kong\'s long-term funds to invest in the mainland\'s capital markets, the Xinhua report said. Such liberalization is part of a concerted effort by Beijing to attract more foreign capital into mainland equity and bond markets through the Qualified Foreign Institutional Investor (QFII) programme and its offshore-yuan denominated cousin, the Renminbi Qualified Institutional Investor (RQFII) programme. Both programmes have seen their quotas increased and their allowable scope of investment widened this year. Even so, analysts say their small size mutes their impact on stock indexes. QFII regulations currently limits net foreign investment through the programme to $80 billion, but only $25.19 billion had been allotted as of April 16, according to the country\'s foreign exchange regulator. The total RQFII quota stands at 80 billion yuan (Dh46.19 billion). from gulfnews.com

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china unveils new boost for hk Arab Today, arab today china unveils new boost for hk

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday