Mr Joseph Yam: suggested that Hong Kong can buy and sell stocks in renminbi

The first president of the Hong Kong Monetary Authority, Mr Joseph Yam, said in the "financial year 2010: speculation and strategy-post-crisis change", the renminbi to be internationalized as soon as possible to develop Hong Kong's renminbi offshore market, suggesting that Hong Kong can use renminbi to buy and sell stocks, bonds and other securities. Mr Yam said the renminbi could be internationalized as soon as possible by vigorously developing Hong Kong's offshore renminbi market.　　Investors in Europe and the US also want to use the renminbi to buy financial instruments issued by mainland financiers, so the renminbi can be widely used. He thought that there are three specific channels: one is the bank channel to diversify the assets and liabilities of the Hong Kong banking system, and it is proposed that Hong Kong people and foreigners should be allowed to open renminbi accounts in Hong　　Should be determined by the investors themselves; the third is the stock channel, which proposes to use RMB as a trading unit to buy and sell stocks and other Hong Kong capital market instruments. (Canlillan)