HKMA supports Shanghai as onshore yuan hub

Hong Kong Monetary Authority chief executive Norman Chan Tak-lam yesterday pledged to support Shanghai in building an onshore market for the yuan.

Chan said he and Shanghai vice-mayor Tu Guangshao discussed a plan under which Hong Kong would introduce more capital and investors to Shanghai to help create an onshore yuan hub.

"Co-operation between Shanghai, as an onshore market, and Hong Kong, an offshore centre, could be strengthened," Chan said.

"There is still big room for the tie-up to be consolidated."

via Business feed http://www.scmp.com/business/banking-finance/article/1103985/hkma-supports-shanghai-onshore-yuan-hub