Stronger yuan a boost for Hong Kong banks

The recent strengthening of the yuan against the US dollar might mean we have to shell out more for "Made in China" labels, but it is good news for local banks and depositors with yuan on hand.

The currency reached its highest level against the US dollar in 19 years on Thursday, on the back of rising usage worldwide.

With countries such as Australia, Britain, France, Singapore and Japan all eyeing the growing yuan business, the Hong Kong Monetary Authority the same day decided to throw its weight behind the local banking industry.

via Business feed http://www.scmp.com/business/banking-finance/article/1225438/stronger-yuan-boost-hong-kong-banks