China’s vice-premier on Wednesday announced measures to boost Hong Kong’s pre-eminence as China’s financial centre and its role as the offshore trading hub for the renminbi.
These included allowing Hong Kong financial companies to invest up to Rmb20bn ($3.1bn) in mainland securities and Chinese companies to raise up to Rmb50bn in “dim sum” bonds in Hong Kong. Such quotas suggest China still intends to control borrowing and capital flow back into China.
Li Keqiang’s three-day visit coincided with government issuance of its own Rmb20bn of dim sum bonds in Hong Kong – the third time it has raised renminbi-denominated debt in the city to try to expand a programme to use Hong Kong as a base for offshore settlement of the currency.
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