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| No.5 August, 2009 |
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Renminbi business underlines Hong Kong's status |
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 Renminbi business will add to the breadth and depth of Hong Kong's financial market and underline the city's strengths as an international financial centre, Chief Secretary Henry Tang says.
Speaking at the launch of HSBC Bank (China) Limited's renminbi retail bonds offering on August 17, Mr Tang said Hong Kong had a strategic role to play as the Mainland financial market reached out to the world, adding renminbi business development in the city remained one of the most important policy initiatives.
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"Renminbi business has taken root in Hong Kong since 2004, when renminbi deposits, remittances, exchanges and credit cards were introduced, followed by renminbi cheques in 2005," Mr Tang said.
"In 2007 came the first issue of renminbi bonds by Mainland financial institutions. In 2009, we saw the first issue of renminbi bonds by Hong Kong banks on the Mainland.
"To date, we have had a total of nine renminbi bond issues in Hong Kong, totalling RMB29 billion. I am also delighted to share with you that recently we have achieved another breakthrough by launching the pilot scheme of renminbi trade settlement."
All of these consolidate Hong Kong's role as a testing ground for the Mainland's financial reforms, diversify the city's renminbi business, and increase the mobility of renminbi funds between the Mainland and Hong Kong, he added.
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