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MNI BRIEF: Hong Kong To Increase Offshore Yuan Liquidity

MNI (Singapore)

Hong Kong will improve offshore yuan liquidity, facilitate the circulation of yuan between offshore and onshore markets and promote RMB internationalization, said Paul Chan Mo-po, Financial Secretary of Hong Kong during the Financial Street Forum on Thursday.

The authority will promote the innovation of offshore yuan products, including diversified yuan-denominated bonds and wealth management products, as well as increase the demand for issuing and trading yuan securities, said Chan.

A joint working group is studying the southbound trading of 'Shanghai-Shenzhen-Hong Kong Stock Connect' to be denominated in yuan, Chan noted. The authority will also study the gradual expansion of the scale and scope of cross-border use of offshore yuan in the Greater Bay Area and promote yuan asset transactions in the region.

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