Business
        

Economy

HK backed to become offshore RMB center

Updated: 2011-03-07 10:59

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

BEIJING - The central government supports Hong Kong in building into an offshore RMB center, said a Chinese senior official Sunday.

Related readings:
HK backed to become offshore RMB center HK to further develop offshore RMB business
HK backed to become offshore RMB center Yuan trade expands rapidly in HK: official
HK backed to become offshore RMB center HK to provide yuan IPOs this year
HK backed to become offshore RMB center Yuan-based trade settlement volume increases

The central government also supports Hong Kong in strengthening its competitiveness and consolidating its position as an international center of finance, trading and shipping, Xu Xianping, vice minister of the National Development and Reform Commission, said at a press conference.

Becoming an offshore RMB center matters a lot to Hong Kong's status as an global finance center, said Li Lihui, president of the Bank of China, on the sidelines of the on-going parliamentary session.

Since Hong Kong is the springboard for many mainland companies to go global and overseas businesses to the Chinese mainland, Hong Kong's possible status as the RMB center will benefit handsomely both Hong Kong and companies at home and abroad, he said.

E-paper

Sindberg leaves lasting legacy

China commemorates Danish hero's courage during Nanjing Massacres.

Crystal Clear
No more tears
Road to the Oscars

European Edition

Specials

NPC & CPPCC sessions

Lawmakers and political advisers gather in Beijing to discuss major issues.

Sentimental journey

Prince William and Kate Middleton returned to the place where they met and fell in love.

Rent your own island

Zhejiang Province charts plans to lease coastal islands for private investments

The green lantern
Adventures of Pierre
Inland interchange