ktlight
17th August 2011, 09:34
This came in the email:
China has pledged to expand options for yuan-denominated investments from Hong Kong.
Vice Premier Li Keqiang said Beijing will soon allow foreign investors to buy up to 20 billion yuan ($3.1bn) worth of mainland securities using yuan.
Mr Li, who is visiting the former British colony, is widely expected to become premier in 2013.
Beijing has been trying to promote the yuan as a global currency.
The effort has taken on new urgency because the US dollar, the world's main reserve currency, is falling in value against the yuan and other currencies.
Mr Li affirmed Hong Kong's status as an important test bed for China's efforts to ease capital controls.
The yuan is also colloquially known as the renminbi.
"Hong Kong enjoys a natural advantage in the development of the offshore renminbi business," the Chinese Vice Premier said.
The plan, known as "mini QFII," allows foreign investors to invest in yuan-denominated stocks and bonds.
China has pledged to expand options for yuan-denominated investments from Hong Kong.
Vice Premier Li Keqiang said Beijing will soon allow foreign investors to buy up to 20 billion yuan ($3.1bn) worth of mainland securities using yuan.
Mr Li, who is visiting the former British colony, is widely expected to become premier in 2013.
Beijing has been trying to promote the yuan as a global currency.
The effort has taken on new urgency because the US dollar, the world's main reserve currency, is falling in value against the yuan and other currencies.
Mr Li affirmed Hong Kong's status as an important test bed for China's efforts to ease capital controls.
The yuan is also colloquially known as the renminbi.
"Hong Kong enjoys a natural advantage in the development of the offshore renminbi business," the Chinese Vice Premier said.
The plan, known as "mini QFII," allows foreign investors to invest in yuan-denominated stocks and bonds.