人民币结算:新的人民币离岸交易中心 — 法兰克福

Der starke Renminbi schafft günstige Gelegenheiten für chinesische Investoren.

香港贸易发展局与当地的商会合作,分别在法兰克福 (2014年9月9号)和慕尼黑(2014年9月11号)举行两场题为“Think Asia, Think Hong Kong, 德国商业发展的金融中心”的推广活动。 在推广活动举办之前, 香港贸易发展局对作为此次推广活动的特邀演讲嘉宾, 中国银行( 香港) 有限公司的副董事长兼总裁和广北先生进行了独家采访。

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HKTDC: What is the role of Hong Kong in the liberalisation of the RMB business?

Mr He: Given its unique position as a global financial hub and the major gateway into and out of the Mainland of China, Hong Kong has been playing a crucial role in promoting the development of the offshore RMB business. Most of the pilot schemes related to the liberalisation of the offshore RMB business were launched in Hong Kong with great success. In terms of depth, breadth and volume, Hong Kong has firmly established its position as the key offshore RMB financial hub.

Hong Kong’s financial infrastructure plays an essential role in facilitating RMB cross-border and offshore transactions. Riding on its efficient clearing platform, Hong Kong provides global clearing services for financial institutions from different parts of the world, covering around 40 countries in six continents. The RMB RTGS transaction value exceeded RMB 79 trillion in the first half of this year, nearly equivalent to the total transaction value last year (i.e. RMB 80 trillion). According to SWIFT data, over 70% of RMB payments were conducted through Hong Kong in the first half of 2014.

The substantial RMB liquidity pool in Hong Kong supports the financing activities for global institutes and corporate customers and enables Hong Kong to develop sophisticated RMB-denominated products and services. Hong Kong is the major location where some of the most important new cross-border investment schemes are launched, such as the RQFII Scheme and the forthcoming Shanghai-Hong Kong Stock Connect Scheme.

Being the only offshore market that has RMB sovereign bonds issuance so far, Hong Kong is also an offshore RMB pricing centre, where a complete yield curve for sovereign bond has been formed. The CNH Hong Kong Interbank Offered Rate (“CNH HIBOR”) fixing price has become publicly available and it has been used as the benchmark rate for the issuance of RMB certificate of deposit and CNH/USD cross-currency swap transactions.

HKTDC: Do you expect any new developments or additional chances in the near future?

Mr He: We have been seeing increasing use of RMB by geography and products. We expect to see further development going forward. The Shanghai-Hong Kong Stock Connect Scheme will be launched later this year. In this ground-breaking initiative, both Mainland and Hong Kong investors will, for the first time, have mutual market access to make their investments. This will not only facilitate an orderly flow of RMB funds between the two markets and expand the investment channels available for offshore RMB funds, but also lead to precipitation of RMB funds from overseas to Hong Kong and increase the foreign exchange transaction volume. In this way, Hong Kong’s position as the premier offshore RMB centre could be further strengthened.

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