HK urges China to speed up financial reform – Tom Mitchell

From the Financial Times (link)

Hong Kong’s central banker on Thursday challenged his Chinese counterparts to increase the pace and scope of financial liberalisation, urging them to allow mainland investors to purchase Hong Kong securities and permit renminbi bond issuance in the territory.

Wading into a previously internal Chinese debate about whether financial reforms have advanced too far too fast, Joseph Yam, chief executive of the Hong Kong Monetary Authority, said bolder measures were necessary to prevent Hong Kong “from being marginalised as a [financial] intermediary”.

Mr Yam pointedly added that Hong Kong’s status as an international financial centre was entitled to policy support in accordance with Article 109 of Hong Kong’s mini-constitution, the Basic Law.

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