China Daily Session on "Hong Kong’s visions and strategies for RMB Internationalization" on 4th Nov 2011

China Daily Asia Leadership Roundtable brings together key industry leaders to discuss
"Hong Kong’s visions and strategies for RMB Internationalization"

4 November 2011, HONG KONG – China Daily Asia Leadership Roundtable is pleased to present a group of top-level financial industry leaders to discuss the offshore renminbi (RMB) business in Hong Kong and the city’s pivotal role in the internationalization of the RMB in the years to come.

Organized by China Daily Asia Pacific, this roundtable follows the success of the one held in June on “Hong Kong’s role in the internationalization of the RMB”, an event that was held to commemorate the 30th anniversary of China Daily, the most authoritative and influential national English-language paper in the country.

The panellists at today’s Roundtable are led by Mr. Norman T.L. Chan, Chief Executive of Hong Kong Monetary Authority. They also include Mr. Ronald Arculli, Chairman of Hong Kong Exchanges and Clearing Limited, Mr. He Guangbei, Vice Chairman & Chief Executive of Bank of China (Hong Kong) Limited, Mr. R. Sean Craig, Resident Representative in HK S.A.R International Monetary Fund, and Mr. Dicky Yip, Executive Vice President of Bank of Communications.

Today’s roundtable is especially relevant to Hong Kong as it also comes at a time when the offshore RMB business has recorded a sharp acceleration over the past year with the central government’s support. In the first eight months of 2011, the total RMB trade settlement exceeded 1.1 trillion, which was 15 times more than the same period in 2010. RMB deposits in Hong Kong have already reached 610 billion.

As evidenced by the launch of the world’s first offshore RMB-denominated gold market and RMB equity trading support facility in October, Hong Kong will not only play a key part in China’s next stage of development, but will also strengthen its status as a global financial centre.

Mr. Zhou Li, Publisher & Editor-in-chief of China Daily Asia Pacific and Chairman of Asia Leadership Roundtable, said: “We have witnessed the growth of offshore RMB market which will provide a new boost for Hong Kong business.”

On the Asia Leadership Roundtable, he said it has already become an important event, a significant platform for discussion on economic development in the region.

“We at China Daily Asia Pacific will continue to keep our readers abreast of the latest economic
development not just in China, but also in the region. And China Asia Leadership Roundtable serves as an epitome of our commitment,” Mr Zhou said.

About China Daily
China Daily, the most authoritative and influential English-language media in the country, was launched in 1981. It serves as an important window promoting mutual understanding between China and the world. It is also the only Chinese newspaper to effectively enter Western mainstream society and is frequently quoted by overseas media.

During its 30 years the paper has been a faithful chronicler of countless sea changes in China and Asia, witnessing the opening of the Chinese economy and its ascent toward becoming the world’s second-largest economy.

About China Daily Asia Weekly
Launched in December, 2010, China Daily Asia Weekly is published every Friday and distributed in a number of Asian countries and regions including Japan, Singapore, Indonesia, Thailand, Australia, United Arab Emirates, Hong Kong and Macao.

About China Daily Asia Leadership Roundtable
An extension of the China Daily CEO Roundtable that was started in 2004, and with the support of the Asia News Network (www.asianewsnet.net), an alliance of 21 leading newspapers from 19 Asian countries and regions, the China Daily Asia Leadership Roundtable (www.chinadailyapac.com/roundtable) explores collective strategic action on matters of economic, business and social development in Asia, and aims to enhance communication and increase mutual understanding between China, Asian and Western countries.