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 market rides on cross-trading link

Updated: 2015-04-30 06:51

By Selena Li in Hong Kong(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

The Hong Kong-Shanghai Stock Connect program has provided bankers with new opportunities to create renminbi (RMB)-denominated products that can enhance the city's position as the premier offshore renminbi center.

A top Hong Kong financial official called the cross-trading link, which is expected to be extended to the Shenzhen bourse later this year, "a significant breakthrough in our (offshore) renminbi market development".

Speaking at a recent bankers' conference, Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung said that since the early days of the offshore renminbi market development, bankers have been looking for "an investment asset that investors could actually buy using RMB".

The growing popularity of the stock connect program, launched in November, has set the direction for expanding the renminbi market.

RMB market rides on cross-trading link

Local bankers have been trying to enlarge the offshore renminbi pool as the city faces growing competition from newer centers, particularly Singapore, London and, more recently, Toronto. Their search has zeroed in on new investment products that can attract global investors keen on holding renminbi assets.

Bankers said equity Exchange-Traded Funds (ETFs) will be the next desirable renminbi product in the making for both onshore and offshore markets. The marketable security tracks an index, a commodity, bonds or a basket of assets.

"For domestic investors to diversify wealth to overseas assets, it would be interesting if ETFs are added to the (Shanghai and Hong Kong) stock connect program this year. That way, mainland domestic investors can have a wide choice of investments," said Ian Cohen, chief strategy officer global equities markets at HSBC.

Mark Austen, chief executive officer of the Asia Securities Industry and Financial Markets Association, told China Daily that apart from the existing renminbi-denominated bonds, bond ETFs are products with lower risk exposure to retail investors.

"If that company defaults on the bond, investors can lose close to everything. For retail investors, ETFs are the preferred instruments to invest in," he said.

Regulators and exchanges are being comfortable with ETFs because the capital flow in those instruments can be better monitored, alleviating concerns about hidden capital outflow, Cohen added.

Currently, the issuance of renminbi-denominated bonds remains a major measurement of the size of an offshore market.

Dim sum bonds (bonds denominated in renminbi) issued in Hong Kong this year totaled 2.92 billion yuan ($471.2 billion) as at the end of March, compared to Singapore's 2.74 billion yuan, according to Reuters data.

Issuance in Hong Kong took a dive at the beginning of the year due to tightened liquidity. But the market dynamics have changed since April when the removal of restrictions triggered a rush by mainland fund-management companies to snap up Hong Kong stocks.

RMB market rides on cross-trading link

Financial experts have called for a bigger increase in the quota for the Qualified Foreign Institutional Investor (QFII) program, or even removal of the daily quota for two-way flow under the stock connect program.

Increasing QFII quotas would attract more foreign investors, and the resulting increase in capital flow can fuel the further development of renminbi products in the offshore market, bankers said.

Another promising development involves discussions to allow a wider scope of renminbi assets to be transferred to the offshore market, helping to open up the asset-backed securities (ABS) market to foreign investors, said Carmen Ling, managing director and global head of renminbi solutions at Standard Chartered in Hong Kong.

The issuance of ABS products, a type of security backed by a pool of assets, including consumer loans, leases or receivables other than real estate, is projected to be worth up to 3 trillion yuan by 2018.

selena@chinadailyhk.com

(HK Edition 04/30/2015 page9)

主站蜘蛛池模板: 国产成人女人在线视频观看 | 大片毛片女女女女女女女 | 久久久久久久99视频 | 亚洲成人黄色网址 | 色吊丝在线观看国产 | 波多野结衣福利视频 | 日本一本色道 | 成 人 黄 色 视频 免费观看 | 久久亚洲精品视频 | 91精品欧美成人 | 久久久久久久国产精品 | 国产成人精品视频在放 | 久久亚洲成人 | 特黄的欧美毛片 | 久久久久国产一级毛片高清板 | 欧美a欧美1级 | 禁止18周岁进入免费网站观看 | 91原创视频在线观看 | 国产精品黑丝 | 高清一区二区 | 亚洲综合色就色手机在线观看 | 99在线观看巨臀大臀视频 | 国产高清免费影视在线观看 | 亚洲系列 | 久久怡红院 | 91精品乱码一区二区三区 | 亚洲国产成人91精品 | 国产真人毛片一级视频 | 免费在线观看一区 | 国产高清一区二区三区免费视频 | 午夜伦4480yy妇女久久久 | 女人张开腿让男人桶免费网站 | 久久久久久久久久综合情日本 | 国产综合成人亚洲区 | a站在线观看 | 手机在线免费毛片 | 国产成人精品免费视频大 | 可以免费观看欧美一级毛片 | 国产精品吹潮在线播放 | 亚洲 欧美 日韩中文字幕一区二区 | 免费亚洲视频在线观看 |