Many happy yuan returns, Hang Seng

While giving his birthday wishes to Hang Seng Bank for its 80th anniversary, Financial Secretary John Tsang Chun-wah last night urged the lender to further develop yuan business.

The city is vying with rivals such as Paris, London, Tokyo, Sydney and Singapore to become the premier international yuan trading centre.

The Monetary Authority last week lowered the capital reserves for bankers doing yuan business to encourage them to offer more yuan loans and products.

Last night, the financial chief called on Hang Seng to do more.

"Hang Seng has been striving to expand yuan business in support of Hong Kong's strategic position as a leading offshore yuan centre," Tsang said last night at the bank's 80th anniversary reception in Wan Chai attended by 2,000 guests.

He said Hang Seng was the lead arranger of the first yuan-denominated syndicated loan in the city.