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Budget Speech

Offshore Renminbi Business Hub

78. Hong Kong's offshore RMB market is the largest in scale.  With our geographical and cultural edges, as well as first‑mover advantage, Hong Kong has been performing the role of facilitator and innovator in proactively promoting the internationalisation of RMB in terms of offshore RMB capital flow, clearing volume, product type and risk management tool.

79. In the future, we will explore ways to further expand the channels for the two-way flow of cross- boundary RMB funds, as well as continue to promote the development of offshore RMB products, including introducing more diversified RMB wealth management products and bonds. 

80. The working group formed by the SFC, the HKEX and the HKMA has completed the feasibility study on allowing stocks traded via the Southbound Trading of Stock Connect to be denominated in RMB, and put forth recommendations on detailed implementation.  The working group will start making preparation in this regard, and will discuss with the regulatory authorities and relevant organisations in the Mainland.  The Government will roll out supporting measures such as waiving the stamp duty on stock transfers paid by market makers in their transactions, so as to increase the liquidity of RMB‑denominated stocks.  We are also working with the regulatory authorities in the Mainland to explore enhancement measures for the Cross‑boundary Wealth Management Connect Scheme in the Guangdong‑Hong Kong‑Macao GBA, such as increasing quotas gradually, expanding the scope of eligible investment products, inviting more participating organisations and improving the distribution arrangement.



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