Hong Kong bids to be global finance hub
(AFP): Hong Kong launched a campaign Monday to promote itself as a global financial hub and rejected suggestions that it was trying to counter growing competition from Shanghai. The three-million-Hong Kong dollar (US$387,000) first phase of the campaign will see officials travel to cities including London and New York to promote Hong Kong. "Hong Kong has a unique position. This is where both the China opportunities and global opportunities converge, we have both advantages," K.C. Chan, the Hong Kong government’s secretary for financial services and the treasury, told a news conference.
Hong Kong has been trying to establish itself as an offshore trading centre for the yuan, China’s currency. The city is expected to draw as much as 14.7 billion US dollars’ worth of yuan-denominated bank deposits this year.
Category: Business
