Hong Kong also boasts a vibrant offshore renminbi bond market, again, the largest outside Mainland China, with some RMB340 billion bonds outstanding. More than 200 banks from all over the world are using our renminbi clearing platform to conduct a wide range of business activities. The goal of the HKMA, among other things, is to promote offshore renminbi business development through securing the necessary policy headroom, facilitating liquidity management and building a robust infrastructure for conducting the business. 3. To make this possible, we have put in place a RMB400 billion currency swap agreement with the People’s Bank of China, which can be activated when market conditions warrant. We have also made available renminbi liquidity facilities to banks in Hong Kong, in the form of an intraday repo facility of RMB10 billion, and a bilateral repo line of RMB2 billion with each of the seven Primary Liquidity Providers. In terms of our renminbi real time gross settlement system, currently around RMB800 billion worth of transactions go through the system every day. So, you can see clearly why we have sought to further develop renminbi business. 4. Secondly, the promotion of asset management. We want to attract Mainland and overseas asset managers to Hong Kong. We have made numerous trips to the Mainland and overseas to meet with asset managers, often on a one-on-one basis, to explain to them the benefits of establishing in Hong Kong. And, our work is paying off.
Eddie Yue: Hong Kong Monetary Authority’s work on market development Keynote address by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the 2nd Asia Treasury and Trade Summit 2016 “Treasury Re-imagined”, organized by The Asset, Hong Kong, 11 May 2016. *  *  *  Daniel (Yu), distinguished guests, ladies and gentlemen: 1. Good morning. I would like to thank The Asset for hosting its Asia Treasury and Trade Summit in Hong Kong again. And, it is my great pleasure to welcome all of you to this event, in particular those who have travelled from overseas. As CFOs and treasurers, you are important users of Hong Kong’s financial services. Over the years, we have listened to and worked with many of you, not just to better serve your business needs, but also as partners to help develop Hong Kong as an international financial centre. Let me therefore start this morning by sharing with you a few examples of the HKMA’s work on market development. Some of you here today may have heard these facts before, so apologies for that, but we like to repeat the good news whenever we can! Development of Hong Kong as IFC 2. First, the promotion of renminbi business. And, I’m delighted to see that discussion of the renminbi “as a treasury currency” is high on your Summit agenda today! Indeed, Hong Kong is the largest global offshore renminbi business hub, with a liquidity pool of close to RMB900 billion, the largest outside Mainland China.