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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

December retail sales up 6.2%

The value of total retail sales in December, provisionally estimated at $33.3 billion, rose 6.2% compared with the same month in 2020, the Census & Statistics Department announced today.   Of the total retail sales value in December, online sales accounted for 10.8%. Provisionally estimated at $3.6 billion, the value of online retail sales increased 31.5% year-on-year.   After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month increased 3.4% compared with a year earlier.   The value of sales of electrical goods and other consumer durable goods, not elsewhere classified increased 5.5%.   This was followed by sales of jewellery, watches and clocks, and valuable gifts (+24% in value); other consumer goods, not elsewhere classified (+10.8%); commodities in department stores (+2.5%); wearing apparel (+12%); medicines and cosmetics (+9.7%); motor vehicles and parts (+8.7%); fuels (+18.4%); footwear, allied products and other clothing accessories (+15.5%); Chinese drugs and herbs (+4.7%); books, newspapers, stationery and gifts (+7.8%); and optical shops (+25.1%).   The value of sales of commodities in supermarkets decreased 6.8% for the period, followed by sales of food, alcoholic drinks and tobacco (-3% in value); and furniture and fixtures (-4.1%).   The Government said that the value of total retail sales increased further by 6.2% year-on-year in December along with the continued economic recovery, though the growth pace moderated somewhat from the preceding month. For 2021 as a whole, total retail sales value rose 8.1% but was still 27.2% below the level in 2018 before the recession as tourism stayed at a standstill.   Looking ahead, the Government noted that the latest wave of the local epidemic and tightened anti-epidemic measures have weighed on consumption sentiment and posed renewed pressures on the retail sector.   It is essential for the community to work together with the Government to contain the epidemic as soon as possible to create conditions for the continued revival of retail business and the overall economy, it added.
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