Many financial institutions in Hong Kong are concerned about the mainland's central bank plan, to expand the pilot program allowing renminbi settlement in cross-border trade. The government plans to expand the program to 20 provinces and municipalities on the mainland.
Hong Kong Exchanges and Clearing Limited says they've fulfilled all the necessary technical conditions, and are ready to sell renminbi-denominated products in Hong Kong. The institution has undertaken careful analysis of the central bank's policy on renminbi-dominated products.
The Hang Seng Bank says the lender plans to sell renminbi-denominated insurance and bonds, by the end of the year in Hong Kong. The central bank's measure aims to promote internationalization of the Chinese currency.