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  • August 22, 2014
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  1. City's offshore trading ambitions dealt double blow

    Posted Feb 06th 2012, 12:00am

    ... The plan to establish Shanghai as the hub for yuan trading, clearing and pricing is part of broader efforts to make the city a financial centre like London or New York by 2020 and is a setback for Hong Kong, which had hoped to become the chosen centre for trading in the currency. Analysts now believe that with more cities competing to expand their yuan markets and with the appreciation ...

  2. Boost for HK as yuan trading hub

    Posted Jun 15th 2012, 12:00am

    ... Enoch Yiu, Lulu Chen and Jane Cai in Beijing To further boost the city's role as an offshore yuan trading centre, Beijing is set to announce new initiatives to coincide with the visit ... for Hong Kong is critical. 'The central government will continue to push ahead with the plan to build Hong Kong into an established offshore centre for yuan trading,' Song said. ...

  3. Singapore seeks role as yuan trading centre

    Posted Apr 18th 2011, 12:00am

    ... agreement, according to a person familiar with the situation. Singapore is the latest of the cities that are lining up to compete with Hong Kong to become acknowledged offshore yuan trading centres ... Hong Kong operates a yuan settlement platform outside China. As such, lenders in Australia, the United States, or London, must eventually turn to Hong Kong to settle the offshore yuan trades ...

  4. Singapore threat to HK role as yuan trading hub

    Posted Feb 21st 2012, 12:00am

    ... Enoch Yiu enoch.yiu@scmp.com Hong Kong's role as a leading offshore yuan trading centre is facing a challenge, with some companies preferring to settle yuan trades in Singapore- ... Hong Kong remained the major offshore yuan trade settlement platform, with 1.91 trillion yuan (HK$2.34 trillion) worth of yuan trades settled by banks in the city last year, out of a total ...

  5. HK banks near yuan trade

    Posted Jul 26th 2003, 12:00am by Raymond Ma

    ... deposit-taking, remittances, foreign exchange and credit card services denominated in yuan on a trial-run basis, subject to approval from the mainland authorities. After attending a trade fair, Mr Tung also said Hong Kong would be given fast-track access when China liberalised its capital controls to allow for the creation of offshore yuan centres. The Hong Kong Monetary Authority (HKMA), has ...

  6. Vice-premier boosts HK role as yuan trade hub

    Posted Aug 18th 2011, 12:00am

    ... the currency by these new measures. 'Most importantly, the vice-premier has confirmed Hong Kong's role as an offshore yuan trading centre for China. This would help Hong Kong fend off rivals ... Kong and the mainland and strengthening the city's role in the internationalisation of the yuan. The business community and trade organisations generally welcomed Li's proposals, made ...

  7. Yuan trading experts in demand

    Posted Feb 09th 2012, 12:00am

    ... HSBC staff with knowledge of yuan trading could escape the bank's massive lay-off plan as the lender moves to make London a hub for the currency. The bank, the largest lender ... an offshore yuan centre. 'Given Gooding's strong markets and product knowledge, he is ideally suited to drive this initiative,'' HSBC said in the appointment statement. His team ...

  8. HKMA: banking outlook remains bright with overseas collaboration

    Posted Sep 16th 2011, 12:00am

    ... May Chan may.wychan@scmp.com The future of Hong Kong's banking industry remains bright if local lenders are willing to collaborate with overseas banks in offshore yuan trading, said ... said in an interview after attending an investment forum in London earlier this week. 'Not all overseas companies are willing and able to manage offshore yuan accounts,' he said. ...

  9. Higher yuan exchange cap urged

    Posted May 19th 2012, 12:00am

    ... as an offshore centre for yuan trade. The yuan is not yet fully convertible but Beijing has, since 2009, gradually relaxed restrictions to allow selected companies to use yuan to settle trade ... steps in the internationalisation of the yuan and the strengthening of Hong Kong's role as an offshore yuan market,' Wong said. The existing cap is seen as fettering Hong Kong, which ...

  10. Citic Bank sees rise in yuan deposits

    Posted Apr 16th 2012, 12:00am

    ... Lulu Chen lulu.chen@scmp.com Citic Bank International, the offshore commercial banking arm of China Citic Bank, said yuan deposits increased in the first two months of the year, while many others struggled. CBI expects yuan deposits in Hong Kong to rise to 850 billion yuan (HK$1.05 trillion) by the end of this year, driven by the city's leading status as an offshore yuan ...




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