Video: Hang Seng’s Andrew Fung optimistic on offshore RMB growth
Andrew Fung, head of treasury and investment at Hang Seng Bank in Hong Kong, believes the Hong Kong and Chinese governments should simplify procedures for offshore renminbi to be remitted to mainland China. This would increase the appeal of RMB bond funds for retail investors.
Banks in Hong Kong still command a relative advantage over their Chinese mainland counterparts in attracting renminbi deposits from foreign corporates that earn renminbi receivables, says Andrew Fung, head of treasury and investment at Hang Seng Bank in Hong Kong. Fund adds in a video interview conducted on the sidelines of the Asia Risk Congress 2010 that the Hong Kong banking system is more attractive as it allows for greater flexibility and less scrutiny of renminbi deposits. Moreover
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