Beijing sells first yuan bonds in Hong Kong

Beijing sells first yuan bonds in Hong Kong

(28 Sep 2009)
September 28, 2009
1. Wide of ceremony for the issuing of China RMB (Renminbi) sovereign bonds in Hong Kong
2. Mid backdrop of the ceremony for the issuing of China RMB sovereign bonds in Hong Kong
3. Wide of toasting ceremony
4. Mid of Henry Tang, acting Chief Executive of Hong Kong ( camera left) toasting with Li Yong, Vice Minister of the Ministry of Finance of the People’s Republic of China ( camera right)
5. Wide of Li talking
6. SOUNDBITE (Mandarin) Li Yong, Vice Minister of the Ministry of Finance of the People’s Republic of China:
“As we are welcoming China’s 60th anniversary, and also this is the 12th years since Hong Kong returned to China, Chinese central government decided to issue six (b) billion (875 (m) million US dollars) RMB sovereign bonds, this is an important measure to support development of Hong Kong’s economy and social stability. Also this is a milestone for Hong Kong’s RMB business development. This is meaningful to sustain Hong Kong’s status as an international financial centre.”
7. Cutaway to crowd
8. SOUNDBITE (Mandarin) Henry Tang, acting Chief Executive of Hong Kong:
“Hong Kong has a mature legal system, proper monitoring system and efficient exchange of information, we are able and confident to cooperate with China’s monetary policy, to help RMB to become international step by step.”
9. Set up of Kelvin Lau, Regional Economist of Standard Chartered Bank
10. SOUNDBITE (English) Kelvin Lau, Regional Economist of Standard Chartered Bank:
“And that in turn will create, induce or… attract more foreign investors to convert their foreign currency holdings into the CNY (yuan), and probably deposit them in Hong Kong and then that will help boost the overall size of CNY deposit in Hong Kong as well, and that by boosting the size of CNY deposit in Hong Kong, that would allow the financial institution in Hong Kong to support and offer more CNY related financial product.”
FILE (date unknown)
11. Various of RMB counting
STORYLINE:
Beijing sold government bonds denominated in the mainland’s yuan for the first time in Hong Kong on Monday, adding to gradual moves to expand the international use of its tightly controlled currency.
Bonds from the six (b) billion yuan (875 million US dollars) issue were on sale to the public at Hong Kong banks. There was no immediate word on how well they were selling and how many were allocated to institutional investors.
Li Yong, Vice Minister of the Ministry of Finance of the People’s Republic of China, said the bonds were an “important measure to support development of Hong Kong’s economy and social stability. Also this is a milestone for Hong Kong’s RMB business development.”
Hong Kong is Chinese territory but has its own currency and regulatory system and is often used by Chinese companies to deal with foreign investors.
Henry Tang, acting Chief Executive of Hong Kong, said he was confident that Hong Kong, “has a mature legal system, proper monitoring system and efficient exchange of information, we are able and confident to cooperate with China’s monetary policy, to help RMB to become international.”
Beijing is gradually expanding the use abroad of the yuan, which does not trade on global markets.
Beijing signed a currency swap deal with Argentina in March and has promised to lend yuan to the central banks of South Korea, Malaysia, Indonesia and Belarus in the event of a financial emergency.
Monday’s sale should increase the private sector use of the yuan, according to finance analysts. A few mainland institutions, including state-owned China Construction Bank and Bank of China, have issued yuan-denominated bonds in Hong Kong.

You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/9f9fa0cf032f0aa280b9ca43b9738f6d
Find out more about AP Archive: http://www.aparchive.com/HowWeWork

Please follow us:
FACEBOOK
Twitter
Google+
Pinterest
Pinterest