Hong Kong’s banks are unfazed by the student protests that have captured the world’s attention. Bankers remain upbeat about prospects for the continuing internationalisation of the renminbi, the maturing dim sum market and Hong Kong’s inclusion in China’s growth plans.
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Former chief secretary of Hong Kong, Anson Chan, tells Stefania Palma about the difficulties facing pan-democratic parties in Hong Kong, and defends the city-state's political protesters, saying that universal suffrage is long overdue.
Despite the plunge in the value of the renminbi earlier this year and growing concerns over China's long-term growth, the offshore renminbi bond market shows no signs of slowing down. Issuance volumes continue increasing annually, but most importantly the market is becoming more sophisticated.
The Chinese government and the People’s Bank of China are yet to disclose the formal details concerning China’s International Payment Platform, but there is little doubt that the new system will fundamentally change the renminbi clearing market as well as the future of offshore renminbi hubs.
JP Morgan provided Chinese private equity fund Hony with advice on its first foray into the UK market and a financing package that did not rely on Chinese banks, to become preferred bidder for the Pizza Express restaurant chain.
With heavy state involvement and the occasional scandal, China’s trade finance sector may not be perfect. But significant change is under way as government policies facilitate growth and diversification in the country’s industry and financial sector.
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