MA: HK RMB deposit 2013 year record 2 trillion

On the afternoon of January 10, MA, chief economist of Deutsche Bank Greater China, predicted that the renminbi's total deposits would reach 2 trillion yuan in 2013, and that the renminbi's stock would grow nearly 10 times times in 3 years. "I expected 2 months ago that renminbi deposits in Hong Kong would rise to 2 trillion by 2014, but in the latest figures, the renminbi deposits are growing more than expected, and I believe it will not be 4 years and perhaps 2 trillion levels by 2013."　　Ma said.　　The Hong Kong Monetary Authority announced December 31 last year that the renminbi deposits in Hong Kong increased markedly by 28.8% in November, to 279.6 billion yuan by the end of the month and 60.4 billion in November 2009, up by 363% in the year, as corporate clients received an increase in the amount of trade-related renminbi. The increase in the stock of renminbi in Hong Kong has once sparked fears in Hong Kong of hot money hitting domestic financial markets.　　Ma that there is a natural capital "wall" between Hong Kong and the mainland, and that the risk of internationalisation of the renminbi is manageable. The risk of a rise in renminbi deposits in Hong Kong is manageable he pointed out that in the next 3 years, renminbi deposits in Hong Kong increased to 2 trillion, China M2 annual impact of 0.2%, relatively small risk.　　At the same time, the increase in Hong Kong's renminbi has led to an increase in China's foreign exchange reserves without a full hedging, as some of the renminbi will not be returned to the mainland without regulatory approval and will not create inflationary pressures. "(Hong Kong) The risk of hot money inflows to China's total currency and foreign exchange reserves is not big, the biggest risk is that the mainland's financial system is not innovative, until the renminbi reached basic convertibility, our banking system to hedge the risk of the ability to not improve, the interest rate is not market-based, the entire financial system We should focus on financial reform, not on the impact of some variables. "In addition, MA pointed out that according to past experience, when deposits in Hong Kong increased by 10%, it would add 1.8% jobs to the financial sector, and in the next 5 years, with the development of the offshore renminbi market, it is expected to create 30,000 high-paying jobs in the financial sector, which is good for the Hong Kong property market (Jensi from Beijing)