Ren Zhigang, a member of the Executive Council and the former president of the Monetary Authority, earlier proposed that the Hong Kong stock market could have a renminbi-denominated option to promote Hong Kong’s offshore renminbi center.
In response to a TV program, Financial Secretary Chen Maobo believed that the relevant direction is desirable.
He said in the program that the "Southbound Link" in the Shanghai and Shenzhen-Hong Kong Stock Connects uses RMB as the capital flow. He believes that this is one of the directions that can be explored, but issues such as operation must be considered.
In addition, he also mentioned that the details of the preparations for the Bond Connect "Southbound Link" are ready and will be announced soon.
The State Council announced to deepen the development of Shenzhen and Hong Kong in Qianhai, focusing on finance and innovation and technology. Chen Maobo does not believe that it is a threat to Hong Kong. Instead, there is synergy between the two places. Hong Kong has advantages in the offshore RMB market and free flow of funds. The most important thing is positioning, each to its strengths, and making the "pie" bigger, everyone will benefit."
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