HK promotes offshore yuan business in Japan

Hong Kong (CNS) -- The Hong Kong Monetary Authority (HKMA) held a promotional conference for its offshore yuan trade services in Tokyo on Tuesday, in cooperation with the Hong Kong Trade Development Council (HKTDC).

More than 200 representatives from Japanese corporations, banks, fund management firms, and official bodies attended the event.

It is high time to promote Sino-Japanese trade in the yuan, as bilateral trade is booming, Chief Executive Norman Chan of the HKMA commented. As Japan's largest trading partner, China contributed to at least one-fifth of both Japan's total exports and imports in 2011.

Hong Kong is offering Japanese companies and banks a one-stop platform with a variety of offshore yuan services. So far, 13 Japanese banks have joined Hong Kong's yuan clearing platform, and six companies have issued more than three billion yuan (US$ 474.86 million) worth of renminbi-denominated dim sum bonds in Hong Kong.

Japan is the sixth stop on the HKMA global promotion plan.