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Article: HK set for more RMB business
- Article from:
- China Daily
- Article date:
- June 30, 2006
- Author:
CopyrightCopyright 2006 China Daily. Provided by ProQuest LLC. (Hide copyright information)
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HONG KONG: The central government is considering measures to
further expand the renminbi (RMB) business in Hong Kong, local
bankers and economists said.
The new business may include issuing yuan bonds on a trial basis
and letting Hong Kong businesses use the currency to settle
transactions involving imports from the mainland, Hong Kong Chief
Executive Donald Tsang said yesterday.
He did not, however, give a timeframe for when the measures would
be introduced.
"It will be a step forward, definitely," said Paul Tang, chief
economist of the Bank of East Asia, Hong Kong's fifth-largest lender
by market value.
"Traders would benefit by saving exchange costs. Hong Kong
investors will also have a ...