20 May 2019

HK RMB hub role draws business from mainland, CPA Australia says

About 22 percent of Hong Kong financial professionals and accountants say their companies plan to relocate business operations from mainland China to Hong Kong in the next year, according to a survey conducted by professional accounting body CPA Australia. More than half of the respondents said their companies are planning to move activities out of mainland China in 2014, with 21.8 percent aiming to relocate them to Hong Kong, 9.8 percent to Vietnam and 9.3 percent to Singapore. But more than a third — 35.9 percent — said they had no plans to leave the mainland, and 20.9 percent said they are looking to shift operations from Hong Kong to the mainland. The survey, carried out between October 22 and November 8, canvassed 225 leading accountants and financial professionals in Hong Kong. Peter Lee, CPA Australia Greater China divisional president, said Hong Kong’s role as the biggest offshore renminbi hub was drawing some businesses from the mainland to Hong Kong because more firms are using the currency in their transactions and there is more renminbi savings in the city.

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