Shao Yaliang Attended the Signing Ceremony for Shanghai International Offshore RMB Growth Fund in Hong Kong
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On September 4th, a signing ceremony was held in Hong Kong Bank of China International Tower; in the ceremony an investment consulting agreement was signed for the issuing project of Shanghai International Offshore RMB Growth Fund which is initiated by Shanghai International Asset Management (HK) Co., Ltd. (SIAM)and Bank of China International Asset Management Co, Ltd. Mr. Shao Yaliang, President of Shanghai International Group (SIG), and Ms. LI Tong, CEO of Bank of China International, attended the ceremony, witnessing together this important moment. Mr. Zhu Zhongqun, Assistant President of SIG, Mr. Wang Jin, GM of SIAM, Mr. Zhou Bin, Assistant President of Bank of China International and others attended the ceremony too.
In the signing ceremony, Mr. Shao Yaliang said banks in Hong Kong started to conduct RMB business for individuals in February 2004; since then, offshore RMB business has rapidly developed and an offshore RMB market has been preliminarily formed in Hong Kong. The national Twelfth Five-year Plan clearly states vigorous promotion of Hong Kong’s status as an international financial center and supporting the development of an offshore RMB market in Hong Kong. This time the partnership of SIG with Bank of China International to issue Shanghai International Offshore RMB Growth Fund aims to promote a strong cooperation in onshore and offshore RMB businesses and make positive contributions to gradual internationalization of RMB by boosting its cross-border flows and virtuous cycle.
Ms. Li Tong said this time the cooperation between Bank of China International and SIAM to issue Shanghai International Offshore RMB Growth Fund is an important conduct for Bank of China International and SIG to jointly promote the development of Hong Kong offshore RMB market. This fund is expected to raise 3 billion RMB in total. In the future, hopefully, Bank of China International will have more extensive strategic cooperation with SIG in asset management, overseas financing, financial advisory and other areas.
During his trip in Hong Kong, Mr. Shao Yaliang also visited the new office of SIAM and listened to the reports done by SIG (HK) on the progress in acquiring overseas platform.
