Hong Kong's rapid development into an offshore Chinese yuan centre is expected to drive further growth of the local banking sector.
'In view of this major development, the upcoming HKIB 3rd Annual Banking Conference will focus on the opportunities and challenges arising from the growing yuan business,' says Carrie Leung, chief executive officer of the Hong Kong Institute of Bankers (HKIB).
The conference will be held at the Hong Kong Convention and Exhibition Centre on September 27. What makes it different is that it is tailored around the local banking operating environment to address the sector's specific issues, combining macro views and practical elements.
'It is an important platform for senior and mid-tier management executives at banks to gather and exchange views and ideas,' Leung adds. 'This year's theme of Hong Kong as an offshore yuan centre also helps attract over 70 bankers from mainland China.'
The conference covers several broad areas. Chief Secretary Henry Tang Ying-yen will discuss banking policy, while Hong Kong Monetary Authority deputy chief executive Peter Pang will provide an update on regulations. The head of business planning and strategy for Hong Kong at HSBC, Thomas Poon, will facilitate a panel discussion on the prospects of yuan business. And Ronald Arculli, chairman of the Hong Kong Exchanges and Clearing, will share his insights on the impact of yuan-denominated securities products on the global financial market.
Industry players are confident that Hong Kong is well-equipped to capitalise on the opportunities and to take on the challenges emerging from the growing yuan business. The city has well-developed legal and payment systems and supporting infrastructure to handle offshore yuan transactions.