Placing of new shares after the central government made it clear since last August to support Hong Kong as an offshore RMB center, the RMB business development in Hong Kong becomes more acceleration, Oct. 29, Hopewell Highway Infrastructure HKEx listed in the form of a double-stranded, dual currency " , making it not only the world's first RMB and Hong Kong dollar-denominated double-stranded dual currency ", more RMB in the areas of business development in Hong Kong officially extended to the stock market. While According to reported on Nov. 4, HKEx introduced double-stranded dual currency "(both RMB and Hong Kong dollar-denominated), many mainland enterprises want to be listed in Hong Kong to raise renminbi funds. In this regard, the SFC the person in charge is the latest position, the relevant departments to prepare under the premise of strengthening the Mainland enterprises to corporate governance and information disclosure level, appropriate to relax the scale of mainland companies listed conditions, the abolition of the net assets, the amount of financing, net income and other requirements support qualified enterprises listed in Hong Kong.
 
For the past two years, the RMB business in Hong Kong has been accelerating: In September 2009, the central bank in Hong Kong for the first time the issue of government bonds denominated in renminbi outside the Mainland, August 2010, Haitong Securities in Hong Kong asset management company in Hong Kong to issue first RMB fund In April 2011, the first only the RMB trading units of Hui Xian REIT listed on the HKEx trading. However, launched with the HKEx overwhelmed by the double-stranded dual currency compared to the actual meaning of the above RMB business in Hong Kong, is clearly much smaller. This is because, through the introduction of double-stranded, dual currency ", not only can increase the return channel of the RMB to the territory, and thus boost the internationalization of the RMB, you can also expand the mainland enterprises listing and financing channels, so as to facilitate mainland enterprises to raise funds more widely , which formed the upsurge of a new round of mainland enterprises listed in Hong Kong, Mainland enterprise governance, supervision of the A-share market to provide a good reference.
 
This point of view, overwhelmed by the HKEx launched double-stranded dual currency "," three birds with one stone "effect seems to be received, both in RMB internationalization, or corporate finance or draw system, all can be said to benefit a lot. However, the expectations are not always able to do so, sometimes more with reality too far from - if combined the RMB internationalization core bottleneck, the Mainland enterprises financing dilemma generated causes and the A-share market learn from the past history of the Hong Kong stock market, we can be found, should not be over-estimated the actual function of the double-stranded, dual currency introduced.
 
RMB international, in the initial stages of the internationalization of the RMB, Hong Kong as an offshore RMB center, by issue yuan-denominated bonds, funds, stocks and other financial products in Hong Kong as the offshore renminbi increase the reflux channel thereby increasing the willingness of foreign investors to hold the renminbi. However, this can only be as RMB internationalization stage an adjunct to, and not fundamentally solve the bottleneck of the core of the internationalization of the RMB. The moment in terms of the internationalization of the RMB the core bottleneck is too stringent financial controls, which includes both the non-convertibility of the RMB capital projects, include the relative lack of flexibility of the RMB exchange rate. Under this premise of limited only by the RMB business in Hong Kong financial product innovation, apparently RMB internationalization can not have too much helpful.
 
The purpose of the plight of mainland enterprises financing, HKEx time the launch of the "double-stranded dual currency", the relative expansion of mainland enterprises listed on the financing channels, but the 400 million yuan of net assets, $ 50 million financing amount, 60 million yuan yuan net profit "under the listing standards compliant, non-state-owned enterprises in the Mainland can be described as rare, non-state-owned enterprises to meet the standards yet listed mainland is even more can be described as extremely rare.



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