CSRC to Speed Up Mini-QFII Plans, Chan Says

The China Securities Regulatory Commission will speed up the implementation of mini-Qualified Foreign Institutional Investor plan in Hong Kong, Norman Chan, chief executive of Hong Kong Monetary Authority, said at a briefing in Beijing today.

The HKMA is still in discussion with China’s central bank about 2011 quota for yuan trade settlement in Hong Kong, he said. Chan also rebuked media reports that Hong Kong’s yuan trade settlement quota was used for non-trade purposes.

Chinese Vice Premier Wang Qishan said Hong Kong can best serve as a platform for yuan offhsore business, according to Chan, who met the official at a meeting today.

(Corrects Wang’s title in third paragraph.)
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