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Hong Kong offers Russia to use clearing settlements in yuan

December 16, 2014, 10:02 UTC+3 HONG KONG
Clearing settlements in yuan will enhance partnership in infrastructure investment projects and bring down currency risks
1 pages in this article
© EPA/HOW HWEE YOUNG

HONG KONG, December 16. /TASS/. The Hong Kong Special Administrative Region offered Russia to enhance partnership in infrastructure investment projects. In particular, broader bilateral ties envisage prospects for Russia’s use of clearing settlements in yuan to bring down currency risks.

“Being a unique bridge between China and other parts of the world Hong Kong can serve as a gateway to promote Russia’s business in China and Asia,” Hong Kong Secretary for Home Affairs Tsang Tak-sing said.

Enjoying advantages of the one country-two systems formula Hong Kong not only participates in development of Russian-Chinese ties of strategic partnership, but also can make “its special contribution” in their further expansion, he told TASS.

“Russian companies incorporated in Hong Kong can enjoy benefits of the Closer Economic Partnership Arrangement (CEPA) with China being in effect here. The programme grants to Hong Kong an easier access to the mainland market and the right for duty-free commodity supplies,” Tsang noted. He called for Russian companies “to use capabilities of a platform of clearing settlements in yuan effective in Hong Kong that will help reduce risks related with currency exchange rate changes.”

The leadership of Russia and China has set a general task to raise bilateral trade to $100 billion in 2015 and up to $200 billion by 2020. The Chinese special administrative region has several advantages, including strategically convenient location, favourable investment climate, easy taxation system with low tax rates, free movement of capital and information. Hong Kong is recognised as a territory with most liberal economy for 20 years.

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