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A photo taken at Hong Kong stock exchange, May 16, 2023./CFP
The Hong Kong stock exchange launched the HKD-RMB Dual Counter Model on Monday, covering securities listed in both HKD and RMB counters.
The new model will allow investors to interchange seamlessly between securities listed in both HKD and RMB counters and trade them in either currency.
The first batch of 24 companies across a variety of industries are now participating in the model, including Chinese tech giants Tencent and Alibaba, automaker BYD and financial institution Hang Seng Bank, a list released by the Hong Kong Exchanges and Clearing Limited (HKEX) showed.
This new model will "further support the RMB development" in the market, bring in more funds and boost liquidity, according to HKEX.
The launch of the model "is a significant step towards developing a diversified range of RMB-denominated products in Hong Kong," said Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA).
"The initiatives will facilitate the use of the RMB in equity trading in Hong Kong and further expand the RMB investable universe, thereby reinforcing Hong Kong's role as the leading offshore RMB business hub," Yue added.
The dual counter model for market making in the Hong Kong securities market was first introduced in December 2022.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466