Hong Kong Eyes Expanding Yuan Role in Five-Year Plan
MacroDigital Finance
Hong Kong has unveiled its first five-year development plan, which includes expanding the use of the yuan outside mainland China and increasing cross-border investment connectivity with the mainland to strengthen its role as an international financial center. John Lee, Chief Executive of the Hong Kong Special Administrative Region, said the plan will expand offshore yuan investment and risk management products, as well as channels such as Stock Connect, Bond Connect, and Wealth Management Connect, aiming to align with mainland China's 15th Five-Year Plan. The Northern Metropolis project will be a key component in integrating universities with technology and industry. Lee will present the plan to the Legislative Council on September 16. Meanwhile, Hong Kong's financial regulators are preparing to address the use of AI in the financial sector, with Julia Leung, Chief Executive Officer of the Securities and Futures Commission, stating that risk management and leveraging AI will be prioritized.
