HKEX launches HKD-RMB Dual Counter Model, boosts offshore RMB market

The Hong Kong stock exchange launched the HKD-RMB Dual Counter Model on Monday, covering securities listed in both HKD and RMB counters.　 　

The new model will allow investors to interchange seamlessly between securities listed in both HKD and RMB counters and trade them in either currency. 　

The first batch of 24 companies across a variety of industries are now participating in the model, including Chinese tech giants Tencent and Alibaba, automaker BYD and financial institution Hang Seng Bank, a list released by the Hong Kong Exchanges and Clearing Limited (HKEX) showed. 　

This new model will "further support the RMB development" in the market, bring in more funds and boost liquidity, according to HKEX. 　

The launch of the model "is a significant milestone for the Hong Kong's stock market," said Paul Chan Mo-po, Hong Kong Financial Secretary.　　 　

The dual counter model for market making in the Hong Kong securities market was first introduced in December 2022.