Donald Tsang: Hong Kong ready to launch two new types of RMB business

The central government is actively studying the scope for further expansion of Renminbi (RMB) business in Hong Kong, said Donald Tsang, chief executive of the Hong Kong Special Administrative Region (HKSAR), here Wednesday.

The business includes allowing Hong Kong importers to settle in RMB accounts of direct imports from the mainland and the issuance of RMB bonds in Hong Kong, he said while delivering his policy address at the Legislative Council.

This is Tsang's second and last policy address of his term of office after he became chief executive of the HKSAR in June 2005.

"The SAR Government is fully prepared to launch these two types of new business as soon as possible," he noted, adding that Hong Kong is now experienced in the RMB business after running it smoothly for two years.

Expanding RMB business represents a natural progression and a development priority for Hong Kong that is consistent with the national policy, he said.

Source:Xinhua