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Hong Kong finance secretary John Tsang has told a finance forum in Shanghai, that gradual globalization of yuan will be beneficial for both the mainland and the Hong Kong Special Administrative Region.
He said it'll improve interaction on markets, and between trade partners, overseas investors, and financial institutions. He says expanded access to the currency in Hong Kong is necessary, to increase the yuan's circulation overseas.
The official said the SAR could improve the yuan-denominated capital market and better protect the safety of national wealth, as the base for offshore yuan deals.
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