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Exclusive dialogue with financial scholar Ba Qing: Five questions about the offshore RMB market in Hong Kong

2021-09-13T10:21:27.958Z


Since the announcement of the National Fourteenth Five-Year Plan, Hong Kong’s position as an “offshore RMB hub” has become clearer. The financial scholar Ba Qing, the author of the book “The Key to RMB Internationalization: Promoting the Establishment of Offshore Market Mechanisms”, has discussed this with Hong Kong. 01" Exclusive dialogue.


"In the future, the operating mechanism and functions of the Hong Kong offshore RMB market will be further strengthened and consolidated. With the implementation of a series of recent important measures, such as the "Qianhai Plan", "Hengqin Plan", cross-border financial communication and bonds Southbound, the offshore market will usher in new development opportunities at all levels of product categories, participating groups, financial infrastructure and capital flows."-Since the announcement of the National Fourteenth Five-Year Plan, Hong Kong has acted as an "offshore RMB hub." Ba Qing, a financial scholar who authored the book "The Key to the Internationalization of the RMB: Promoting the Establishment of an Offshore Market Mechanism", has an exclusive dialogue with "Hong Kong 01", sharing the difference from the "bottom-up" perspective. The observations of other financial scholars discuss the different understandings of the offshore market in the mainland and port financial circles.

She has worked in financial institutions such as the People's Bank of China and Bank of China (Hong Kong) successively, and has been focusing on policy research on national financial markets for a long time. She is a "first line" observer and participant in the process of RMB internationalization.


"Renminbi Internationalization" series of articles:

one.

"The 14th Five-Year Plan" defines the role of an "offshore hub" How Hong Kong helps the internationalization of the RMB

two.

"Starting" and "Adjustment" RMB realizes "from zero to one" in Hong Kong

three.

RMB internationalization "restarts", Hong Kong should advance "from 1 to N" through settlement, reserve, and pricing

Four.

Dialogue with Zhang Ming, a national financial scholar: The importance of Hong Kong on the new journey of RMB international

"Why is Hong Kong a (offshore renminbi) hub? It is the result of the joint efforts and interaction of policies, supervision, financial infrastructure, market operations, etc." Ba Qing first met the reporter and first explained the reasons for writing the book, "Mainland ( Scholars who study RMB internationalization look at the offshore market in Hong Kong. Many of them look at the role of the offshore market from a macro perspective of RMB internationalization. Few studies have started from Hong Kong itself, especially the lack of combing the offshore RMB market itself. A systematic study of operating mechanisms and functions.” Behind her are the Chinese national flag and the regional flag of the Hong Kong Special Administrative Region, which are flying lightly in the wind-standing next to the International Finance Center (IFC), looking north across the Victoria Harbour.

Different from other "top-down" financial scholars who study the internationalization of the RMB from a theoretical perspective, Ba Qing, as a "first-line" observer and participant, puts forward a "bottom-up" research point of view, emphasizing the importance of Only by continuously summing up experiences and discovering laws from actual operations and policy trials, and comparing with the scale of mature currency markets, can we find a path that is more in line with the internationalization of the RMB.

As she said in the “Key to the Internationalization of the RMB: Promoting the Establishment of an Offshore Market Mechanism” published in 2019, “For a currency that is internationalized by'crossing the river by feeling the stones', various policies have been introduced at this stage. And internationalization measures have a lot of experimental nature."

Ba Qing has worked in financial institutions such as the People's Bank of China and Bank of China (Hong Kong) successively, and has long focused on policy research on the national financial market. He is a "first line" observer and participant in the process of RMB internationalization.

(Photo by Gong Jiasheng)

For details, please read the 281th "Hong Kong 01" Electronic Weekly Newsletter (September 13, 2021) "

Exclusive Dialogue with Financial Scholar Ba Qing: Five Questions about Hong Kong's RMB Offshore Market

".

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Source: hk1

All news articles on 2021-09-13

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