A delegation of Hong Kong finance officials led by Financial Secretary John Tsang Chun-wah is visiting Beijing, with a key point on the discussion agenda expected to be the Shanghai-Hong Kong Stock Connect program.
The delegation includes Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung, Hong Kong Monetary Authority chief executive Norman Chan and Securities and Futures Commission (SFC) deputy chief executive Alexa Lam, the Hong Kong Economic Journal reported Tuesday.
“Loosening the daily limit on renminbi conversion by individuals will be discussed,” Chan was quoted as saying.
The limit was seen as one of the technical issues that could hinder liquidity in the Stock Connect program, which will enable cross-border equity trading on Hong Kong and Shanghai exchanges.
The delegation will have meetings with officials from China’s Ministry of Finance, Ministry of Commerce, and the Hong Kong and Macao Affairs Office.
Tsang said the stock through-train can be launched any time the mainland authorities give the nod. He said the ongoing Occupy protests in Hong Kong have no direct bearing on the launch schedule of Stock Connect.
Meanwhile, SFC’s Lam said the long-awaited mutual recognition of funds across the border will come after the debut of the Stock Connect program. The official urged renminbi qualified institutional investors to get ready for mobilizing their quotas to facilitate the structuring of new fund products.
– Contact us at [email protected]