HK's International Financial Center and RMB Overseas Settlement Center
In a series of recent seminars, many speakers said, “The international financial center status of HK is under great challenge, or even fatal blow … if HK looses the competition with SHA in the RMB settlement center for overseas market again (certainly HK can't be the center of RMB settlement for Mainland at the moment, and SHA's trade volume on stock and other debt instruments has already more than double of ours)…”
Many speakers / analysts, including HSBC's Leung Siu Kei, etc., believe HK will suffer a further fatal blow and it can never compete with SHA in future. Mr. Leung even warns that HK's status as international financial center may fail (loose to SHA) within 2 - 3 years (although more analysts believe that this should happen in 5 - 6 years instead). Moreover, some complain about HK's lacking of responses to the Pearl River Delta Plan again in which GD asks for cooperation in financial issues to face new challenges and opportunities. There are in fact a lot of suggestions but HK still seems to enjoy its internal disputes against these or those.
Yet, some others would say SHA could never replace HK's international financial center status. It is because a number of limitations in mainland's legal system, Capital account of RMB, number of professionals, payment infrastructure, etc. It may be a wishful thinking of SHA to replace HK only. The situation is not a nightmare, and HK is not a sinking ship.... Some HK people have been worrying too much and ungrounded.
Policy group regards the above as a hot topic of the town and would like to share with its members. So, we have invited 2 speakers for the monthly next Friday (12 Jun):
Ms. Vivien Li, a Researcher of HK Ideas Center, which is a newly established apolitical think tank for promoting HK, focuses her studies in developing HK to be the RMB overseas settlement center, etc. Vivien has extensive exposure to the RMB issue and collected a bulk volume of materials and views from parties concerned. She is also a senior HKUGA member.
Dr. S. K. Li, the vice president (current affairs) of HKUGA, is the second speaker. He has been working in the financial industry for over 20 years and is willing to share his view on how to benefit the country and also HK on the RMB issues.
In fact, some of well experienced practitioners in the financial industry will be urged to participate in the lunch sharing too. This is HKUGA's treasure. Policy group believes that will be a very good occasion to exchange and know more about the RMB issue. Hope all interested parties may join.
Date: 12th June (Friday)
Time: 12:30pm – 2:00pm
Venue: Chinese Banks' Club, 5/F South China Building, Wyndham Street, Central, HK
Fee: On the base on sharing (AA) – expected around HKD100 –150
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Enquiries: SK LI (91069072) and CF WONG (9622 0207)