30 September, 2013
The Liberal Art University in Hong Kong
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President Leonard K Cheng presented his insights on renminbi (RMB) internationalisation and the role of Hong Kong to some 200 students and staff members at the first University Assembly 2013/14 on 23 September.

The presentation was started with an overview of the definition and benefits of RMB internationalisation, which was followed by an outline of China’s strategy and initiatives since 2004 to promote wider usage of RMB worldwide, as well as a review of Hong Kong’s role in the process as the offshore RMB market. President Cheng then went on to discuss the challenges ahead, and called on Hong Kong to adopt four approaches so as to take up a more proactive role: building a critical mass of RMB products; developing means by which RMB raised in Hong Kong can be brought back to mainland China and invested in RMB products there; alleviating the concerns of the central government about national financial security, monetary policy and regulatory arbitrage; as well as differentiating Hong Kong’s role from other major markets and co-operating with them to extend the reach of RMB.