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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

HK's financial ranking rises

Hong Kong ranked third in the latest Global Financial Centres Index (GFCI) Report, up by one place from the last index, the Government said today.   The GFCI Report, which assessed 116 financial hubs, was published by Z/Yen from the UK and the China Development Institute from Shenzhen.   In a statement, the Government said Hong Kong’s ranking is an unequivocal affirmation of its status and strengths as a leading global financial centre.   It noted that Hong Kong has remained among the top in various areas of competitiveness, including human capital, infrastructure, financial sector development, and reputational and general.   The Government pointed out that Hong Kong’s financial markets have been functioning in an orderly manner despite the fact that persistent uncertainties stemming from the COVID-19 pandemic and heightened geopolitical tensions continued to affect major financial centres’ overall ratings.   It added that the National 14th Five-Year Plan expresses staunch support for Hong Kong to strengthen its functions as a global offshore renminbi business hub, an international management centre and risk management centre as well as to deepen and widen mutual access between the financial markets of Hong Kong and the Mainland.   The Government explained that it will continue to capitalise on the city’s unique advantages, enhance its role as the gateway between the Mainland and international markets and proactively integrate into the country’s overall development.   This included leveraging the vast opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area, Qianhai's development and the Belt & Road Initiative.   The Government stressed that it will spare no effort to ensure the smooth implementation of the Cross-boundary Wealth Management Connect in the bay area and southbound trading under Bond Connect.
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