China's He Lifeng Vows Free-Market Backing for Hong Kong, More Yuan Bonds
Vice-Premier He Lifeng told Hong Kong's Global Financial Leaders' Investment Summit that Beijing will keep backing a free, open economy in the city and pump up offshore yuan liquidity. He also promised bigger yuan bond issuance and support for listings in the hub.
China is sticking with Hong Kong. Vice-Premier He Lifeng said Beijing will keep supporting a free and open economic environment in the city and work to boost offshore yuan liquidity, according to a video speech delivered to the Global Financial Leaders' Investment Summit on Nov 3.
He framed the city's future as a national priority, saying that building Hong Kong well remains a key strategy for China. Beijing will keep offering full support for the hub's long-term development and stability, he told the summit crowd.
The yuan got two specific promises. He vowed to scale up issuance of yuan bonds in Hong Kong and to back listings in the financial hub, moves that would deepen the city's role as the offshore center for the Chinese currency.
On the mainland's own footing, He said the risk-resistance of Chinese financial institutions keeps improving. He also pointed to an economy whose momentum is shifting toward new drivers.
The remarks land at a summit built for global money managers sizing up Hong Kong's place in China's plans. Bloomberg reported the speech.
TopicsHe Lifeng · Hong Kong · China · Global Financial Leaders' Investment Summit · yuan · Bloomberg
Source: straitstimes.com
Written by Paparazzi with AI. Not financial advice.