This Forum was set up following a discussion between the chief executive of the Hong Kong Special Administrative Region (HKSAR), Donald Tsang, and the UK Chancellor of the Exchequer, George Osborne, in September 2011 to foster cooperation on development of offshore RMB business.
The Forum will focus on exploring synergies by enhancing linkages between Hong Kong and London, specifically regarding clearing and settlement systems, market liquidity and the development of new RMB denominated financial products.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The forum will comprise representatives from both Hong Kong and London of banks, including HSBC, Standard Chartered, Bank of China, Deutsche Bank and Barclays, and may invite representatives of other institutions as appropriate. The Forum will meet twice a year, with the first meeting to be held in Hong Kong in May of this year.
The chief executive of HKSAR, Donald Tsang, said, "With the support of the Central Government, Hong Kong has developed into a global hub for offshore RMB business. Banks and financial institutions in London are most welcome to make good use of Hong Kong’s offshore RMB platform. I am delighted that the private sector is taking this important step to foster cooperation between the two financial centers."
The chief executive of the HKMA, Norman Chan, said, "By establishing appropriate linkages with Hong Kong’s offshore RMB platform, banks in different parts of the world will be able to provide a comprehensive range of RMB banking and financial services to meet the rapidly increasing demand of their customers. Hong Kong and London are well placed to develop offshore RMB business and closer cooperation between the two financial centers will bring about mutual benefits and a win-win situation."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
