Latest news with #ChristopherHui
RTHK
4 days ago
- Business
- RTHK
'Govt's digital assets policy to build public trust'
'Govt's digital assets policy to build public trust' Christopher Hui said digital assets are an inevitable trend and that Hong Kong must prepare in advance to maintain its position as an international financial centre. File photo: RTHK Secretary for Financial Services and the Treasury Christopher Hui says an updated government policy statement on the development of digital assets is designed to engender greater trust in such products, and encourage more participation. Authorities on Thursday issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, setting out the government's vision of building a safe and innovative digital asset ecosystem that brings concrete solutions to both the real economy and financial markets. Hui told a TVB programme on Sunday that the update builds upon the foundational measures established in the initial policy statement released in October 2022. "Looking at many foreign markets, sometimes there is regulation but no market, which is something we hope to avoid through our comprehensive efforts," he said. Hui said the latest policy introduces the 'Leap' framework – covering legal compliance, expanding tokenised product suites, advancing use cases and collaboration, as well as people and partnership development. He said both the public and private sector have a role to play in coming up with new products. "The government took the lead in issuing around HK$6 billion to HK$7 billion in tokenised bonds, which we will be regularising. "On the market side, we are of course hoping for a greater variety of products. For instance, we mentioned in our statement that we would waive stamp duties for transactions involving tokenised exchange-traded funds." Hui also noted that, to dovetail with the updated statement, Cyberport has launched a new funding scheme for blockchain and digital assets that offers up to HK$500,000 in subsidies for start-ups running innovative pilot projects. The minister also spoke about the implementation of a new licensing regime for stablecoins – a virtual asset – in August. Hui said stablecoins should be seen as a tool for financial development, and not a vehicle for making money. "In our daily financial market operations, transactions typically occur through various intermediaries or institutions for payments and capital flows," he noted. "The operation of blockchain and stablecoins can significantly enhance the efficiency and the speed of these transactions, and in turn make related economic activities in the real economy more efficient. "I believe that finance exists not for its own sake but to serve the real economy." Hui added that the development of digital assets is an inevitable trend and Hong Kong must be well prepared in order to maintain its position as an international financial centre.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Shanghai Gold Exchange launches first offshore vault in Hong Kong
The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts said the launch of the vault and two yuan-denominated gold products represented a step forward for Beijing and Hong Kong in their effort to promote commodities and futures contracts around the world. 'Gold, as a basic precious metal, is, in essence, a commodity, a reserve asset and an investment product,' Christopher Hui Ching-yu, Hong Kong's secretary for financial services and the treasury , said at the opening ceremony for the vault. 'It is also a hedging tool amid uncertain geopolitical and economic outlooks.' He added that the vault and gold contracts would help Hong Kong solidify itself as an international financial centre. The vault was designed to serve international clients as they conducted trading of yuan-denominated bullion and managed their storage. The Shanghai exchange was established by the People's Bank of China in 2002; it has two warehouses in Shanghai and another in Shenzhen.
South China Morning Post
19-06-2025
- Business
- South China Morning Post
Hong Kong to study Beijing's monetary policy, weigh risks before issuing yuan stablecoins
Hong Kong will assess the risks and study Beijing's monetary policies before launching yuan-pegged stablecoins to bolster the internationalisation of the Chinese currency, according to a local senior official. Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said during a panel on Wednesday at the Lujiazui Forum in Shanghai that while Hong Kong was technically ready to proceed, more time was needed to evaluate the advantages and disadvantages of issuing such a cryptocurrency. 'The risks and monetary policy directions must be studied, as there will be both benefits and drawbacks to issuing a linked stablecoin,' he said. 'We need to align our considerations with national policymaking and [Beijing's] road map [for yuan internationalisation].' Last month, Hong Kong passed new legislation requiring issuers of stablecoins – digital tokens pegged to a reference asset like a fiat currency – to be licensed by the Hong Kong Monetary Authority (HKMA). The law is set to take effect on August 1. People's Bank of China Governor Pan Gongsheng speaks at the opening ceremony of the Lujiazui Forum in Shanghai on Wednesday. Photo: AFP
South China Morning Post
17-06-2025
- Business
- South China Morning Post
Hong Kong, Shanghai to tighten financial ties with alliance at Lujiazui Forum
Hong Kong and Shanghai will sign a deal to increase collaboration in the financial sphere at the Lujiazui Forum on Wednesday, as the cities strengthen links to better withstand the implications of geopolitical tensions. Financial Secretary Paul Chan Mo-po will be present for the signing of an action plan for collaborative development between the two cities on the opening day of the two-day forum in Shanghai, according to a statement from the Hong Kong government, which did not provide more details. The agreement would map out a blueprint for cooperation in 'multiple layers and fields', according to people familiar with the matter. Speculation is buzzing that the two cities will expand the 'connect' schemes that allow cross-border trading and start trials of financial derivative products involving foreign currencies and commodities. Details would emerge after discussions in a closed-door meeting on Thursday that would be attended by Christopher Hui Ching-yu, secretary for Financial Services and the Treasury, according to a separate source who was briefed on the matter. The agreement, called the Action Plan for Collaborative Development of Shanghai and Hong Kong International Financial Centres, would mark the most significant cooperation between the cities since the launch of the Stock Connect scheme in 2014, which has evolved into the most popular conduit for foreign investors in China's US$10.5 trillion yuan-denominated stock market. Closer integration between the two metropolises would put China in a better position to cope with the risk of a financial decoupling from the US, where a cohort of Chinese companies trading on the New York Stock Exchange and the Nasdaq face possible delisting.
RTHK
17-06-2025
- Business
- RTHK
'HK to diversify financial services to drive growth'
'HK to diversify financial services to drive growth' Christopher Hui says the government is looking to boost growth in the family office sector, digital assets and artificial intelligence. Photo: RTHK The Secretary for Financial Services and the Treasury, Christopher Hui, has highlighted government efforts to boost growth in three areas – family offices, digital assets, as well as the responsible use of artificial intelligence – as the SAR seeks to further diversify its financial services sector. Speaking in an interview with RTHK marking three years of Chief Executive John Lee's administration as well as the 28th anniversary of the SAR's establishment, Hui said his bureau has released three policy statements and passed 33 pieces of legislation since taking office to help the city emerge from the Covid outbreak. He noted that Hong Kong's financial markets have shown resilience over the past three years, attracting global funds and family offices to increase investment here to help fend off risks. Hui said while 150 family offices have already set up shop here, another 180 have said they are interested in following suit, which would far exceed his bureau's goal of attracting a total of 200 by the end of the year. 'Among them, nine are with Middle Eastern backgrounds. Of course, there are also others with traditional market backgrounds," Hui said. 'But you can see that the appeal of Hong Kong as a family office hub is global," he said, noting that there's still ample room for growth of these offices that manage the wealth of ultra-high-net-worth families. Hui also said other than incorporating greater financial technology into the city's financial services industry, another key focus of his bureau is to improve relevant settlement platforms to drive trading of commodities in the SAR, so as to further boost product diversity. This came after the government took the leap in transforming the city into a premier bullion trading hub, while ramping up collaboration with the London Metal Exchange (LME) to become a key global metals centre. Hui said seven local warehouse facilities have been approved by the LME so far to speed up such trades, which could in turn boost financial services growth in the future. "For warehousing, it's not just about keeping them [the commodities] here. Sometimes, after [the commodities] are stored, some of their warehouse receipts can be used as collaterals for financing, which can lead to some derivative financial services. 'And even if their goods are stored in the warehouse, there will also be urgent insurance demands and so on. So, in fact, I think if our policies are well implemented, some corresponding institutions will naturally take these opportunities to develop their businesses.' Hui also said the government will continue to improve the financial connectivity between the SAR and mainland markets. Efforts include launching the offshore Treasury bond futures as well as real estate investment trusts (Reits) under the Stock Connect programmes.
