Hong Kong's Financial Secretary, Paul Chan Mo-po, highlighted the growing global demand for the renminbi and proposed enhanced collaboration between Shanghai and Hong Kong to meet this need. He suggested leveraging Shanghai's futures and spot markets to develop more renminbi-denominated products in gold and commodities, thereby boosting the renminbi's international role. Chan also advocated for a synergistic model where industries are based in Shanghai and offshore treasury functions are managed in Hong Kong, creating a comprehensive platform for cross-border capital and asset allocation to support Chinese enterprises expanding globally. AI
RANK_REASON Policy announcement regarding financial cooperation between two major financial centers. [lever_c_demoted from significant: ic=1 ai=0.1]
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