China To Allow Hong Kong Investors To Buy CNY 20 Bln Mainland Securities
2011-08-17 12:37:01
China's Vice Premier Li Keqiang reportedly said Wednesday that the government will permit Hong Kong to buy upto CNY 20 billion yuan-denominated securities.
China will support the expansion of the yuan market in Hong Kong, Li said during a visit to Hong Kong.
The Hong Kong economy contracted 0.5 percent sequentially in the second quarter, after expanding for eight consecutive quarters.
Hong Kong Monetary Authority chief Norman Chan this week said it has no plan to un-peg Hong Kong dollar from US dollar. He rejected the suggestions for a link to renminbi, saying that renminbi is not yet freely convertible.