Hong Kong leader urges banks to back innovation and offshore yuan business

Hong Kong’s leader has urged the banking sector to support financing the city’s creation of a new economic engine in innovation and technology (I&T) while expanding offshore yuan business, a key area for aligning with national strategies.

Speaking at the Hong Kong Association of Banks’ Distinguished Speaker Luncheon on Friday, Chief Executive John Lee Ka-chiu called for closer partnership between the government and banking sector in four areas.

They comprise expanding offshore renminbi business, encouraging I&T through finance, developing commodity trading, and strengthening financial security and market integrity.

“Strategic growth hinges on technological self-reliance and high-quality development. That very much includes the Northern Metropolis,” Lee said.

“It will become a breakthrough point for our city’s rapid development,” he said.