Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung sought to reassure the market that the city’s renminbi deposit pool is adequate to support related transactions despite its declining amount amid fluctuations in the exchange rate, the Hong Kong Economic Journal reported Tuesday.
As of the end of February, renminbi savings in Hong Kong, together with certificates of deposits, amounted to 940 billion yuan (US$145.2 billion), Chan said at a forum.
Meanwhile, the daily transaction volume in the city’s real-time payment and settlement system remained at 1 trillion yuan during the first two months.
Speaking in the same forum, The Financial Secretary John Tsang Chun-wah said the city provides an ideal platform to service the demands of the financing and fund management sectors, citing its advantages in finance, commerce and legal services.
Tsang said Hong Kong can also serve as a mediator between China and Southeast Asian countries such as Singapore, Malaysia and India in handling commercial conflicts and managing legal risks.
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