Economy

HK backed to become offshore RMB center

(Xinhua)
Updated: 2011-03-07 10:59

BEIJING - The central government supports Hong Kong in building into an offshore RMB center, said a Chinese senior official Sunday.

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The central government also supports Hong Kong in strengthening its competitiveness and consolidating its position as an international center of finance, trading and shipping, Xu Xianping, vice minister of the National Development and Reform Commission, said at a press conference.

Becoming an offshore RMB center matters a lot to Hong Kong's status as an global finance center, said Li Lihui, president of the Bank of China, on the sidelines of the on-going parliamentary session.

Since Hong Kong is the springboard for many mainland companies to go global and overseas businesses to the Chinese mainland, Hong Kong's possible status as the RMB center will benefit handsomely both Hong Kong and companies at home and abroad, he said.