bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Enoch Yiu

The new Legislative Council finance representative, Ronick Chan Chun-ying, has pledged to work to promote the yuan business in Hong Kong.
Like many of his predecessors, the banking veteran was returned to Legco unopposed. He was backed by his employer – Bank of China (Hong Kong) – HSBC, Standard Chartered Bank, Citibank and Bank of East Asia.
He replaces Ng Leung-sing, who also worked for the Bank of China (Hong Kong). Chan is the bank’s board secretary.
Mainland banks establish Hong Kong lobby group for greater say in banking and financial policy
“I will fight for more development opportunities in the yuan business in Hong Kong and promote [the city’s] fundraising role in the “One Belt, One Road” initiative in the coming years,” Chan told the South China Morning Post.
“After working in the industry for 24 years, I want to do more public duty by representing the banking sector as a lawmaker,” Chan said.
“The financial sector represents 16.6 per cent of Hong Kong’s GDP, while the banking sector represents 10.4 per cent. The industry employs more than 100,000 people and it serves all Hong Kong residents. The banking sector supports the development of all other sectors. I think it is very important to have someone to speak on behalf of the industry,” he said.

Chan, who is in his 50s, was born and educated in Hong Kong. He received an MBA from Louisiana University in the United States. He started his career in a travel firm but the need for frequent travel affected his study plans.
He therefore entered banking in 1992, dealing with syndicated loans at Nanyang Commercial Bank before joining Bank of China (Hong Kong).
Chan is active in professional bodies and is vice-chairman and secretary of the Chinese Banking Association of Hong Kong.
Chan plans to stay at Bank of China (Hong Kong). “I want to continue to work at the bank so that I can be closer to the banking sector,” he said.
Hong Kong lawmaker apologises for saying missing booksellers were caught visiting prostitutes, but Lee Bo’s wife rejects it
He has not joined any political party and plans to vote according to the needs of the banking sector.
“Banking has a lot of opportunities. Many mainland firms may want to use Hong Kong as a wealth management centre
“Many overseas firms use Hong Kong as a stepping stone to invest in China while mainland firms use Hong Kong to invest overseas,” he said.
“The yuan is going to become a reserve currency in October when it joins the International Monetary Fund special drawing rights currency basket. Many central banks and big fund houses will invest in yuan assets. Hong Kong will need more yuan products to meet this demand,” he said.
Chan said the banking sector was facing the challenge of Brexit and an economic slowdown. But he believed the sector would remain robust through loans to small and medium enterprises and the development of more technology-related products.
Chan said when he first told his wife about his decision to seek election, she was hesitant but supported his decision.
“I got used to working long hours at the bank. I believe I can work long hours in the Legislative Council too,” he said.


Former Hong Kong law professor, activist Benny Tai hit with charges over 2016 Legislative Council race expenses

Hong Kong taxi drivers’ association executive convicted of conspiring to buy votes in 2016 Legislative Council race

Three Hongkongers jailed for up to 11 months each over fraud during 2016 Legco polls

Politics, climate change, the menstrual cycle – board games use the power of play to build understanding of real-world issues

Legislative Council elections 2016

New Legislative Council finance representative vows to push yuan business in Hong Kong

Ronick Chan sits in the Bank of China (Hong Kong) headquarters in Central. He will soon take up a seat in the Legislative Council. Photo: David Wong

Ronick Chan Chun-ying, Board Secretary of Bank of China Hong Kong Company, Bank of China Hong Kong headquarter, Central, 20JUL16.

News

Hong Kong

Politics

Ronick Chan, like his predecessor Ng Leung-sing, works for the Bank of China (Hong Kong); he was returned to Legco unopposed
