www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

RMB bonds good for mainland, Hong Kong

By Yang Tao (China Daily)
Updated: 2007-06-18 08:59

The author Yang Tao is a researcher with the Institute of Finance and Banking, Chinese Academy of Social Sciences

Earlier this month, the People's Bank of China (the central bank) and the State Development and Reform Commission promulgated provisions involving issuing renminbi bonds in the Hong Kong Special Administrative Region.

Ready to make this major move toward financial reform, China Construction Bank, Bank of China and Import-Export Bank of China published their plans to float renminbi bonds in Hong Kong.

Back in 2003, the Chiangmai (Thailand) Declaration, in the wake of the Asian financial crisis in the late 1990s, urged that regional financial cooperation be reinforced to stave off possible future financial catastrophes. The declaration placed development of the Asian bond market at the core of regional financial integration.

China holds a particularly important place in regional monetary cooperation. But its backward bond market brings uncertainties for the Asian bond market and financial cooperation.

As a result, it is difficult for the country to get involved in overall financial cooperation with other countries.

Special coverage:
Markets Watch

Related readings:
 China Development Bank to sell yuan bonds in HK
 EximBank to first sell yuan bond in HK
 Mainland banks are allowed to issue renminbi bond in Hong Kong
 
BOC to sell yuan bonds in HK

However, it is desirable to make the best use of Hong Kong's advantageous position as an international financial center and as a bridge between the Chinese mainland and the rest of the world. Cooperation between the mainland and Hong Kong may offer a channel for China to participate in future Asian financial cooperation.

As a matter of fact, issuing renminbi bonds in Hong Kong was much talked about back in 2004. But at the time, the volume of renminbi circulating in Hong Kong and renminbi deposits in the special administrative region were limited. Moreover, a significant portion of renminbi in Hong Kong was circulating through underground avenues.

All taken, the time was not right for floating renminbi bonds in the special administrative region.

Things are different now.

The channels through which the mainland and Hong Kong conduct financial cooperation are fairly developed and the renminbi deposits in Hong Kong reached 25.5 billion yuan ($3.2 billion) at the end of April.

All this indicates that the time is ripe for floating the renminbi.

Issuing renminbi bonds is of great significance for Hong Kong.

First, Hong Kong's position as an international monetary hub has been challenged since the Asian financial crisis. In addition, the weak local bond market erodes the monetary stability of Hong Kong.

Seizing the opportunity of floating renminbi bonds, Hong Kong is expected to promote a set of monetary facilities covering payment and clearance, which facilitates the development of the local bond market.

In turn, some of its structural defects as an international financial hub will be removed.
12  

(For more biz stories, please visit Industry Updates)



主站蜘蛛池模板: 日本高清在线精品一区二区三区 | 亚洲国产一区二区三区四区 | 日韩久久一区二区三区 | 毛片在线播放网站 | 日本一级爽毛片在线看 | 日本免费一区视频 | 深夜福利视频大全在线观看 | 99精品高清不卡在线观看 | 日本一区二区三区四区不卡 | 久久精品人人爽人人爽快 | 日韩高清一区二区 | 国内自拍2020 | 一级做a爰片久久毛片潮喷 一级做a爰片久久毛片美女 | 久久成人毛片 | 午夜黄色网 | 美女叉开腿让男人捅 | 亚洲精品免费视频 | 免费观看一级成人毛片软件 | 欧美特黄一级高清免费的香蕉 | 波多野结衣免费观看视频 | 亚洲网站视频 | 久草在线资源 | 国产午夜永久福利视频在线观看 | 全部在线播放免费毛片 | 男女视频在线观看免费高清观看 | 中国国产成人精品久久 | 蕾丝视频永久在线入口香蕉 | 国产91网| 亚洲国产精品aaa一区 | 亚洲乱淫| 韩国欧洲一级毛片免费 | 亚洲精品一区二区三区第四页 | 欧美乱大交xxxxx | 国产黄色片网站 | 国产女人在线视频 | 18年大片免费在线观看 | 久久久久久久免费视频 | 国产成人综合高清在线观看 | 日本综合欧美一区二区三区 | 亚洲国产亚洲片在线观看播放 | 国产精品视频九九九 |