Latest news with #ChristopherHui
South China Morning Post
2 days ago
- 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
4 days ago
- 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
4 days ago
- 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.
The Star
12-06-2025
- Business
- The Star
Hong Kong confirmed as one of first jurisdictions targeting adoption of ISSB Standards
HONG KONG, June 12 (Xinhua) -- The Hong Kong Special Administrative Region (HKSAR) government on Thursday welcomed the publication of jurisdictional profiles by the International Financial Reporting Standards Foundation (IFRS Foundation), which confirmed Hong Kong as one of the first jurisdictions to have set a target of fully adopting the International Financial Reporting Standards -- Sustainability Disclosure Standards (ISSB Standards). The IFRS Foundation's move affirmed Hong Kong's efforts and determination in supporting and promoting a common international language in sustainability disclosures, said Christopher Hui, secretary for financial services and the treasury of the HKSAR government. It also demonstrated Hong Kong's strengths in the field of sustainable finance, helping to consolidate Hong Kong's position as an international sustainable finance hub, he said. "As a leading international financial center, Hong Kong will continue to be at the forefront in aligning with international standards and promoting market best practices," said Hui. The Hong Kong Institute of Certified Public Accountants published last December the Hong Kong Sustainability Disclosure Standards that are fully aligned with the ISSB Standards to be effective from August 1. In the same month last year, the Financial Services and the Treasury Bureau of the HKSAR government launched the Roadmap on Sustainability Disclosure in Hong Kong, which provided a well-defined pathway for large publicly accountable entities to fully adopt the ISSB Standards no later than 2028.
Coin Geek
10-06-2025
- Business
- Coin Geek
Hong Kong bares plan to allow digital asset derivates trading
Getting your Trinity Audio player ready... Hong Kong's top finance sector regulator plans to permit digital asset derivatives for professional investors, according to a June 4 report by local outlet China Daily HK. The Securities and Futures Commission (SFC) reportedly aims to introduce digital asset derivatives trading for professional investors as part of a broader strategy to expand product offerings and reinforce the territory's role as a fintech powerhouse. The SFC said that priority will be given to sound risk management, with trades conducted 'in an orderly, transparent and secure manner.' Financial Services and the Treasury Secretary Christopher Hui Ching-yu confirmed the digital asset derivates plan, while suggesting that Hong Kong is also optimizing its tax framework to attract more international players. Based on the proposed tax rules, digital assets will qualify for concessions under Hong Kong's preferential tax regime for funds, single-family offices, and carried interest. These are just the latest initiatives in a recent push by Hong Kong's lawmakers and regulators to make the special administrative region a more hospitable environment for digital assets and a global hub for the industry. In February, the regulator released its roadmap for 'a brighter future,' in which it set out a five-pillar framework intended to serve as a strategic action plan for addressing emerging new priorities in the digital asset space and, in the SFC's words, 'future-proofing Hong Kong's VA [virtual asset] ecosystem.' The special administrative region's increased embracing of the sector comes as the global digital asset market surpassed $3 trillion in value, with annual trading volumes exceeding $70 trillion, based on SFC data published alongside the roadmap. HK's road to digital asset hub Since its first digital asset policy statement, published by the Financial Services and the Treasury Bureau (FSTB) in October 2022, the region has significantly broadened its market offerings and regulatory guidance. The very same month AS the first policy statement, Hong Kong introduced Asia's first digital asset futures exchange-traded funds (ETFs). This set the trend for what was to follow, and in April last year, the SFC approved the applications of several spot BTC and ETH ETFs. The following month, the Hong Kong Monetary Authority (HKMA)—the central bank of the special administrative region—announced that it had partnered with the People's Bank of China (PBoC) to expand the scope of the digital yuan, allowing residents to set up digital yuan wallets and make payments at local merchant stores. This made it the first region beyond mainland China to support the central bank digital currency (CBDC). In September 2024, the HKMA partnered with the SFC to co-announce their intent to adopt reporting requirements set by the European Securities and Markets Authority (ESMA) for digital asset over-the-counter (OTC) derivatives. The region's embracing of the digital asset sector continued into 2025, and in January the HKMA launched a new initiative to support local banks as they launch blockchain products, with tokenization as a key focus areas. Officially known as the 'Supervisory Incubator for Distributed Ledger Technology,' it will primarily focus on the risks that arise as banks transition from experimentation to production of blockchain services. The HKMA described the incubator as a 'new supervisory arrangement' that will allow local banks to 'maximize the potential benefits of DLT adoption by effectively managing the associated risks.' In terms of a full regulatory framework for digital assets, last August, Hong Kong Legislative Council member David Chiu hinted that the territory could introduce enhanced digital asset regulations within the next 18 months. 'The digital asset industry has made significant progress in the past few years, but we are still in a very early stage,' said Chiu, speaking at the third annual Foresight Conference in Hong Kong on August 11, 2024. He went on to outline the city's strategic plans to attract tech talent, build supportive infrastructure, and establish robust supervision, saying that 'we should establish a sound exchange system and soon introduce legislation related to stablecoins.' It didn't take long for this legislative pledge to come to fruition, as in May this year Hong Kong became the first common-law jurisdiction to give fiat-backed stablecoins a dedicated act of their own—the Stablecoins Ordinance—placing the HKMA in charge of licensing their issuers. The new ordinance balances the core imperatives of advancing innovation and maintaining financial stability, giving hope that the broader digital asset space will get similar regulatory treatment in the region, while also laying down a marker to lawmakers around the globe still grappling with stablecoin and digital asset legislation. Watch: Richard Baker on engineering a smarter financial world with blockchain title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
