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China’s securities regulator has given his strongest endorsement yet to expand and add financial products to a transborder investment channel with Hong Kong, in a boost to the city’s role as the mainland’s offshore financial centre.
Commodities may be added to the stocks, bonds, options and wealth management products that are currently tradeable in the so-called Connect scheme, which allows global investors and mainland capital to tap into each other’s markets via Hong Kong, said Wu Qing, the chairman of the China Securities Regulatory Commission (CSRC). More options and futures will also be added to the pipeline, he said.
Wu is among a coterie of mainland financial officials attending the HKMA’s flagship event in Hong Kong, led by Chinese Vice-Premier He Lifeng.
Beijing will help more mainland companies list in Hong Kong, improve mutual market access, issue treasury bonds and strengthen its position as a global offshore yuan hub, which will help the city become a stronger international financial centre and support China in opening up its economy, said He, the highest-ranking Chinese financial official to visit the city in years. He delivered a recorded speech via satellite last year.
“Once again, it is proved that with a good system of ‘one country, two systems’, the sturdy support of the country and hard work of the people, Hong Kong’s status as an international financial centre will be more prominent,” he said in his opening remarks at the conference.