China’s finance ministry officials meet Hong Kong and global bankers on boosting city’s finance-hub role: sources
- Ministry officials are soliciting views on how Hong Kong can increase its competitiveness as a financial centre, sources say
- Expansion of cross-border trading schemes and yuan internationalisation among issues up for discussion amid IPO slump, stock slide
Officials from China’s Ministry of Finance met with Hong Kong’s three note-issuing banks as well as other local and foreign bankers for a few hours on Wednesday to collect views on how to strengthen the city’s status as an international financial centre, two sources told the South China Morning Post.
Last month, China’s central banker met Chinese and foreign bankers for several hours to discuss a wide range of issues on how to further promote the city’s banking sector and capital markets, a source said.
“The meetings between Hong Kong and the leaders at the Ministry of Finance [on Wednesday] and the meeting with the PBOC governor last month reflect that the central government [in Beijing] is very concerned about the challenges faced by Hong Kong,” said Tom Chan Pak-lam, permanent honourable president of the Institute of Securities Dealers, an industry body of stockbrokers in the city.
“After collecting views from the city’s bankers, it is hopeful that the central government will introduce policies to support Hong Kong markets, such as the expansion of the connect schemes.”
