Strong support and inputs from the banking institutions to systematically analyse skills requirements and training needs of their talents on an on-going basis is much needed and should serve as important feedback mechanism for ABS so that academic curriculum is tuned to the changing needs of the industry. In closing, I would like to congratulate ABS for its launch today which opens an exciting new chapter as it seeks to contribute to the new era of growth for the banking sector. Whilst its raison d’être is to serve the Malaysian banking sector, I have every confidence that Asian Banking School as the name suggests, will in no time start to expand its reach and relevance beyond national boundaries to evolve its role in meeting learning and development needs of the banking workforce in the region. Last but not least, let me also thank everyone involved in the process that has brought us to this momentous occasion today. Without their vision and commitment, today’s occasion would not be possible. Thank you. BIS central bankers’ speeches  3
There are also those who believe that to maintain Hong Kong’s competitive edge, we must be the only conduit for foreign capital going into and out of the Mainland. It means a “single access” model, with Hong Kong as the only link and conduit between the onshore and offshore markets. The rationale for Hong Kong to continue to monopolise the access to the onshore market is understandable. It also serves practical purposes at the initial stage of the renminbi’s internationalisation. But as the renminbi internationalisation progresses, this model is not sustainable in the long run. The aim of opening up the capital account and internationalising the renminbi is to foster general acceptance of renminbi in global trade and investment and as a reserve currency. To promote the extensive use of renminbi by corporations and investors around the world, renminbi business must flourish in different parts of the world. The development of the offshore renminbi market must shift from a “single access” model to a “multiple accesses” model. We pride ourselves as the world’s most important offshore renminbi centre, still far ahead of other centres in terms of the size of the liquidity pool and various financial intermediation activities. But there is no time for complacency. Our task is to consolidate Hong Kong’s unique advantages and leverage our first-mover position by incessantly upgrading our renminbi platform, making it the ideal choice for companies and financial institutions, on the Mainland and around the world alike, to conduct various types of offshore renminbi business.