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    HK rmb debt market plan test for yuan
    (Reuters)
    Updated: 2006-02-22 17:32

    China may allow the issue of yuan bonds in Hong Kong and permit cross-border trade to be settled in yuan, Hong Kong's financial secretary said on Wednesday, presaging another step towards a freer-floating currency.

    Calling Hong Kong a "testing ground", Financial Secretary Henry Tang said the two measures under consideration would spur bilateral trade while developing the city's bond markets.

    If the proposals were approved, Hong Kong would benefit by being the only place outside Chinese mainland to host trading in yuan-denominated securities.

    Economists said a market in such bonds may dampen speculative inflows into China betting on yuan appreciation. It might also shed more light on the market value of the yuan, also known as the renminbi (rmb), which can be converted for trade and foreign direct investment but only for limited capital transactions.

    But they did not expect Beijing to allow such a market to expand rapidly in the short term.

    Tang did not say when -- or if -- he expected the twin proposals to win approval.

    "They are vitally important in reinforcing our position as an international financial centre, and will at the same time provide a testing ground for the move towards full rmb convertibility," Tang said during his annual budget speech.

    "We need, however, to synchronise in tandem with the pace of financial reform on the mainland and move forward gradually."


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