Government News
Shanghai urged to issue offshore CNH bonds in HK 2024-01-25
Shanghai should issue Chinese offshore CNH bonds in Hong Kong to connect with international markets and strengthen its status as a financial hub, a political adviser suggested.
The Hong Kong market's yuan-denominated bonds issued by Shanghai and traded outside the Chinese mainland, especially those for sustainable or environmentally-friendly projects, will boost Shanghai's competitiveness and influence as a global financial center, according to Wang Yunfeng, a member of the Shanghai Committee of the Chinese People's Political Consultative Conference.
Hong Kong is a major global financial center, and its offshore RMB market is key to yuan's internationalization, Wang said, adding that the initiative may help international investors learn more about policies in Shanghai.
Shenzhen pioneered the offshore CNH bonds in Hong Kong in 2021, garnering 1.71 billion yuan (US$238 million) global investment from asset management firms, fund management firms and insurance companies.
"The move can create more diversified financing channels, enrich yuan-denominated products and help the internationalization of the yuan, Wang said.
Shi Rongheng, director of Hong Kong Hengtong Resources Group Ltd, also envisioned a bright future for Hong Kong-Shanghai collaboration.
"Shanghai should cooperate and innovate with Hong Kong to build a world-class international financial system," Shi said.
Shanghai and Hong Kong have conducted the Hong Kong-Shanghai Economic and Trade Co-operation Conference since 2003, facilitating long-term cooperation between the two cities.
Source: Shanghai Daily
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