HK beefs up financial services

Hong Kong is launching a financial services development council to boost cooperation with the mainland and cement its role as a global finance hub.

The council aims at nurturing development opportunities and serving as a platform for public-private collaboration. Chief Executive CY Leung said yesterday in his policy address that this non-government agency would focus on research, discussion, and development of financial services connecting Hong Kong with the Chinese mainland.

Officials say that Hong Kong has become the largest and most mobilized center for offshore RMB trade and the city expects more offshore RMB bonds and securities issues.