ID :
208532
Wed, 09/21/2011 - 11:06
Auther :
Shortlink :
https://oananews.org//node/208532
The shortlink copeid
S. Korean consulate general in HK to hold seminar on yuan
HONG KONG, Sept, 21 (Yonhap) -- The South Korean consulate general in Hong Kong will organize a seminar on the Chinese currency, officials said Wednesday, as the status of Hong Kong as an offshore yuan hub grows.
The consulate general said the gathering will be held at a Hong Kong hotel on Sept. 28 and focus on the possibility of the internationalization of the yuan.
The event is sponsored by the Bank of China (Hong Kong), the only clearing bank for offshore yuan.
It will be the first time that prominent financial specialists, analysts and business leaders from China, Hong Kong and South Korea meet in Hong Kong for discussions on the topic, said the officials at the consulate general.
The seminar is expected to provide a platform to share the perspectives and prospects on the future of the Chinese legal tender to become a global currency.
Speakers, including Gao Yingxin, executive director and deputy CEO of Bank of China (Hong Kong), will talk about their insights into the progress and growth of the yuan, and its implications on Asia as well as the world economy.
The Chinese government, in a bid to boost the internationalization of the yuan, has been moving to develop an offshore center in Hong Kong for trading yuan products so that the currency may be circulated freely outside of mainland China via Hong Kong.
China currently does not have full capital account convertibility but it does have capital controls that limit the buying and selling of its currency at market rates. This resulted in the lack of the currency's liquidity, the most important quality necessary for a currency to gain international status.
The consulate general said the gathering will be held at a Hong Kong hotel on Sept. 28 and focus on the possibility of the internationalization of the yuan.
The event is sponsored by the Bank of China (Hong Kong), the only clearing bank for offshore yuan.
It will be the first time that prominent financial specialists, analysts and business leaders from China, Hong Kong and South Korea meet in Hong Kong for discussions on the topic, said the officials at the consulate general.
The seminar is expected to provide a platform to share the perspectives and prospects on the future of the Chinese legal tender to become a global currency.
Speakers, including Gao Yingxin, executive director and deputy CEO of Bank of China (Hong Kong), will talk about their insights into the progress and growth of the yuan, and its implications on Asia as well as the world economy.
The Chinese government, in a bid to boost the internationalization of the yuan, has been moving to develop an offshore center in Hong Kong for trading yuan products so that the currency may be circulated freely outside of mainland China via Hong Kong.
China currently does not have full capital account convertibility but it does have capital controls that limit the buying and selling of its currency at market rates. This resulted in the lack of the currency's liquidity, the most important quality necessary for a currency to gain international status.
