Tsang says RMB move will 'strengthen HK'
09-04-2009
The Chief Executive, Donald Tsang, says the renminbi clearing scheme will boost the banking sector and create jobs.
He made the comment while welcoming the State Council's decision to allow the use of renminbi to settle cross-border trade deals in Shanghai and four Guangdong cities.
Mr Tsang said several industries stood to benefit, and maintained that the move would not undermine the Hong Kong dollar.
The chief executive said details of the scheme would be released 'soon' after they had been finalised by the mainland authorities.
Mr Tsang said the clearing systems and hardware had already undergone stress tests.
He said the pilot programme would help local businesses to reduce currency risks.
