Briefing to the Legislative Council Panel on Financial Affairs
Briefing to the Legislative Council Panel on Financial Affairs
Briefing to the Legislative Council Panel on Financial Affairs
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MAINLAND / HONG KONGFINANCIALACTIVITIES -INITIATIVESLocati<strong>on</strong> of internati<strong>on</strong>al treasuryof Mainland banks in H<strong>on</strong>g K<strong>on</strong>goperati<strong>on</strong>Joint cheque clearing betweenand H<strong>on</strong>g K<strong>on</strong>gGuangd<strong>on</strong>gLinkages in debt clearingsystemsLinkages in paymentsystems18Locati<strong>on</strong> of internati<strong>on</strong>al treasury operati<strong>on</strong> of Mainland banks in H<strong>on</strong>g K<strong>on</strong>g• following <str<strong>on</strong>g>the</str<strong>on</strong>g> Mainland's accessi<strong>on</strong> <str<strong>on</strong>g>to</str<strong>on</strong>g> <str<strong>on</strong>g>the</str<strong>on</strong>g> WTO, it is envisi<strong>on</strong>ed that more financialinstituti<strong>on</strong>s and individuals would be able <str<strong>on</strong>g>to</str<strong>on</strong>g> purchase foreign currency assets abroad.Demand for fund management and treasury product services is set <str<strong>on</strong>g>to</str<strong>on</strong>g> grow rapidly.H<strong>on</strong>g K<strong>on</strong>g is well placed <str<strong>on</strong>g>to</str<strong>on</strong>g> become <str<strong>on</strong>g>the</str<strong>on</strong>g> treasury centre for <str<strong>on</strong>g>the</str<strong>on</strong>g> Mainland• <str<strong>on</strong>g>the</str<strong>on</strong>g> HKMA has worked <strong>on</strong> relevant authorities and banking instituti<strong>on</strong>s with anobjective of attracting a critical mass of Mainland asset management / treasurybusiness <str<strong>on</strong>g>to</str<strong>on</strong>g> H<strong>on</strong>g K<strong>on</strong>gJoint cheque clearing between Guangd<strong>on</strong>g and H<strong>on</strong>g K<strong>on</strong>g• nearly 30 cities in Guangd<strong>on</strong>g, including Guangzhou and Shenzhen, have joined thisjoint cheque clearing with H<strong>on</strong>g K<strong>on</strong>g• existing <strong>on</strong>e-way service: H<strong>on</strong>g K<strong>on</strong>g dollar cheques issued by banks in H<strong>on</strong>g K<strong>on</strong>gand presented in Guangd<strong>on</strong>g. So<strong>on</strong> <str<strong>on</strong>g>to</str<strong>on</strong>g> be extended <str<strong>on</strong>g>to</str<strong>on</strong>g> H<strong>on</strong>g K<strong>on</strong>g dollar chequesissued by banks in Guangd<strong>on</strong>g and presented in H<strong>on</strong>g K<strong>on</strong>g, i.e. two-way serviceLinkages in debt clearing systems• CDC's Government Securities Book-entry System <str<strong>on</strong>g>to</str<strong>on</strong>g> CMU link - <str<strong>on</strong>g>to</str<strong>on</strong>g> facilitateauthorised financial instituti<strong>on</strong>s in <str<strong>on</strong>g>the</str<strong>on</strong>g> Mainland <str<strong>on</strong>g>to</str<strong>on</strong>g> buy and hold securities cleared in<str<strong>on</strong>g>the</str<strong>on</strong>g> CMULinkages in payment systems• 41 banks in <str<strong>on</strong>g>the</str<strong>on</strong>g> Mainland have already joined our US dollar RTGS system as indirectparticipants• PBoC Guangzhou Branch has suggested a linkage between <str<strong>on</strong>g>the</str<strong>on</strong>g> H<strong>on</strong>g K<strong>on</strong>g dollarRTGS system in H<strong>on</strong>g K<strong>on</strong>g and <str<strong>on</strong>g>the</str<strong>on</strong>g>ir H<strong>on</strong>g K<strong>on</strong>g dollar system operating <strong>on</strong> <str<strong>on</strong>g>the</str<strong>on</strong>g>books of SAFE Guangzhou Branch-18-
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