Xinhua recently republished a report by China Securities Journal on an April 7 event in which the governments of Guangdong Province and Hong Kong signed a framework agreement of cooperation. The agreement focuses on improving Hong Kong’s status as an international financial center. It was made clear that the goal is to enhance Hong Kong’s leading position by integrating resources and services provided by Guangdong Province. The two sides agreed to jointly push the tests of cross-border RMB settlements with needed infrastructure. This is one step in exploring the path of the internationalization of the Chinese currency. Other important elements of the agreement are making the region a center for air travel, shipping, cargo distribution and human talent.
Source: Xinhua, April 8, 2010