HONG KONG IN CHINA

GATEWAY TO RICHES

Alfred Romann

China Daily, June 29, 2012

Hong Kong is largest offshore center for yuan trade and listing market of choice for Chinese companies

A veritable fortress of skyscrapers stands guard over the heart of Hong Kong, each of them marked by a different financial institution. The iconic HSBC tower stands next to the Standard Chartered Bank building. Just a flight of stairs away is Citibank tower and next to it, the Bank of China tower. The latter can be found emblazoned across plenty of HK$20 ($2.5, 2.06 euros) bills. Besides making up one of the most impressive skylines in the world, this collection of buildings is testament to the city's enduring strength as a financial center. A decade and a half after Hong Kong returned to China, the city has emerged as a wedge, opening up global markets for the yuan.

Fears that rapid growth in Shanghai and Shenzhen would overshadow Hong Kong have, so far, not come true. Rather, Hong Kong has become a bridge between the Chinese mainland and the rest of the world, most recently by taking up the mantle as the largest offshore center for yuan trade.

"Hong Kong has gone from strength to strength. Its position as a financial center has massively developed since 1997," says Richard Harris, founder and chief executive of investment management firm Port Shelter as well as a long-term Hong Kong resident who started his career in Hong Kong in 1978.

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