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The four ministries and commissions such as the People's Bank of China issued support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and explored the establishment of a cross-border financial management mechanism

2020-05-14T14:43:56.044Z


The four ministries and commissions including the People's Bank of China and the Banking and Insurance Regulatory Commission issued financial opinions on the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and pointed out that they supported the cooperation between Guangdong, Hong Kong and Macao institutions in setting up RMB overseas investment and loan funds, which were included in the RMB overseas fund business statistics.


Financial News

Written by: Zhang Weilun

2020-05-14 22:35

Date of last update: 2020-05-14 22:35

The four ministries and commissions including the People's Bank of China, Banking and Insurance Regulatory issued financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and pointed out that they supported the cooperation between Guangdong, Hong Kong and Macao in the establishment of RMB overseas investment and loan funds, included in the RMB overseas fund business statistics, supported the development of offshore RMB business, and strengthened Hong Kong's global offshore RMB business hub status supports Hong Kong in developing more offshore RMB, commodities and other risk management tools.

The press release pointed out that the pilot of the cross-border capital pool business combining local and foreign currencies should be carried out, explore the expansion of cross-border transfer of asset varieties, and include macro-prudential management of full-scale financing, and support the banks in the Guangdong-Hong Kong-Macao Greater Bay Area under the macro-prudential framework. Regional institutions or projects issue cross-border loans.

Opinions point out that the financial markets and financial infrastructure in Guangdong, Hong Kong and Macau should be promoted in an orderly manner, and gradually open up the RMB clearing banks in Hong Kong and Macau to participate in the interbank lending market in the Mainland. Improve the interconnection arrangements for financial markets such as "Shanghai-Hong Kong Stock Connect", "Shenzhen-Hong Kong Stock Connect" and "Bond Connect".

At the same time, explore the establishment of a cross-border financial management mechanism, and establish an account management system that is compatible with the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

HSBC: Hong Kong can play an important role

Wang Dongsheng, deputy chairman and chief executive of HSBC, said that HSBC welcomes the comments that the total population of the Greater Bay Area is 70 million, and the total GDP is more than US $ 1.5 trillion, which is comparable to the famous bays of New York, San Francisco and Tokyo. Area. As a leading international financial center and the world's largest offshore RMB center, ‪Hong Kong can play an important role in promoting the development of the Greater Bay Area‬.

He pointed out that Hong Kong and the Pearl River Delta region are the strategic focus of HSBC's business development, and look forward to participating in the construction of the Greater Bay Area and assisting customers to seize the opportunities brought about by various financial measures.

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Greater Bay Area

Source: hk1

All news articles on 2020-05-14

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