Hong Kong may have pegged its currency to the US dollar, but the renminbi is flavour of the year as the territory pushes for stocks, bonds and other financial products denominated in the mainland currency.
Financial groups are rushing to take advantage of key reforms introduced by China in July, which liberalised the flow of renminbi in Hong Kong and paved the way for a burst of financial innovation.
“This is a huge opportunity for Hong Kong,” says John Greenwood, Invesco chief economist and architect of the exchange rate mechanism that governs the Hong Kong dollar, the territory’s main currency.
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