Yuan to flow back
Updated: 2011-08-17 14:40
By Guo Jiaxue (chinadaily.com.cn)
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Vice-premier Li Keqiang announced a green light for yuan to flow back to the mainland in his keynote speech a forum on the nation's 12th Five-Year Program (2011-2015) and cooperation between the mainland and Hong Kong.
Li said the RMB Qualified Foreign Institutional Investors (RQFIIs) will be allowed to invest in mainland securities markets with an initial size of 20 billion RMB yuan.
He also said the central government will give support to Hong Kong enterprises in making direct investment on the mainland in RMB.
He also announced that pilot projects will be launched to let foreign banks to replenish capital with RMB.
He also stated that cross-border trade settlement in RMB "should be extended to cover the whole country."
Li visited the Hong Kong Exchanges & Clearing Limited after he attended the forum
Li will also visit Hong Kong Monetary Authority at afternoon.
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