Liberalisation of the Chinese finance sector has long generated jobs in Hong Kong. Currency internationalisation by the China Securities Regulatory Commission is the latest driver. Until recently, only the Hong Kong subsidiaries of Chinese brokers had been eligible to handle renminbi investments for overseas investors. That made China’s big asset managers, such as Harvest, E Funds and China AM, the places to be if you wanted to manage investments in the renminbi market in Hong Kong.
But under new rules “financial institutions that are registered and mainly operated in Hong Kong” are able to invest in stocks, bonds and other assets denominated in the Chinese currency. Analysts reckon many international fund managers in the city will be eligible. This could create more renminbi-investment work at a wider range of employers.
But before you start sending your CVs to Western firms in Hong Kong, beware that the offshore asset management arms of big Chinese banks like ICBC and Bank of China, who were barred under the old rules, have already started applying to make renminbi investments in Hong Kong. Being Chinese, they are likely to be approved first.
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