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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

Electric car supply key to transition

(To watch the full press conference with sign language interpretation, click here.)   The roadmap on the popularisation of electric vehicles to be announced next month will be a clear signal for car manufacturers and suppliers to prepare for the transition by increasing supply, Secretary for the Environment KS Wong said today.   At a press conference on the 2021-22 Budget initiatives this morning, Mr Wong pointed out that Hong Kong's target of phasing out conventional petrol private cars in 2035 or earlier was progressive.   “Regarding the phasing out of conventional private vehicles, our target is actually the most progressive in Asia, you have to understand that. And our target is that we would like to set the target of 2035 as the deadline.”   He noted that a good supply of electric vehicles in the private car industry will be a key factor during the transition.   "The meaning of that 2035 is to set a clear signal to car manufacturers and suppliers to Hong Kong that we would progressively support more electric private vehicles in Hong Kong, because in Hong Kong, one of the critical factors to go through this transition is to have a reasonable supply of electric vehicles in the private car sector. I think with this clear signal, there would be more and more supply so that we can review that target over time.”
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