Renminbi Internationalization Draws Interest of Chicago Financial Sector & Investment Community

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May 27, 2015, 08:00 ET

CHICAGO, May 27, 2015 /PRNewswire/ -- Chicago's financial service sector can learn about the latest opportunities in the area of renminbi (RMB) internationalization at the "Think Asia, Think Hong Kong" (TATHK) promotion in Chicago on June 10.

The event will provide fresh intelligence on the RMB as a vehicle for payments, investments and financing. It will demonstrate how using the Chinese mainland currency can benefit North American companies doing business – or about to do business – with the mainland.

A panel discussion of experts from the financial sector will share insights on various facets of the RMB business, including how trade and direct investment transactions with the mainland are increasingly settled in RMB, while portfolio investment opportunities in RMB are expanding via the RQFII and the Shanghai-Hong Kong Stock Connect.

Hong Kong's expertise in RMB business has helped the city become Asia's leading wealth management center, as rated by the Deloitte Wealth Management Centre Ranking 2015. According to the report, Hong Kong has the world's fastest-growing, cross-border client assets, no doubt driven by the 4.32 million high net-worth individuals surrounding Hong Kong.

"Hong Kong is a preeminent RMB offshore center. Since RMB internationalization in 2009, when trade finance was first allowed to be denominated in RMB, Hong Kong has played a role as both an experimental ground and firewall for China," said event speaker Benjamin Hung, regional CEO, Greater China, Standard Chartered Bank (Hong Kong) Ltd.

"This has enabled a proliferation of RMB products and services, such as dim sum bonds, RMB investments, FX hedging and other cross-border RMB liquidity management solutions," he said.

TATHK, the largest Hong Kong promotion to take place in the US, is organized by the Hong Kong Trade Development Council (HKTDC).

In all, more than 130 government and business leaders from Hong Kong and the mainland will take part in TATHK, which is supported by 16 Hong Kong partners and more than 90 other organizations in the U.S. For more information on the seminars and the events, please see the TATHK website: http://www.thinkasiathinkhk.com/2015/en/index.html

About the HKTDC
A statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers.

SOURCE Hong Kong Trade Development Council