Wednesday, 29 October 2014 00:16
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HSBC Sri Lanka will hold its first ever Renminbi (RMB) forum today; 29 October. The forum on ‘China Globalising; Rising RMB’ will provide attendees insights into China’s drive to internationalise its currency that has given rise to vibrant new financial markets, changed the face of international trade and opened up new possibilities for companies and investors in Sri Lanka and around the world.
The forum will also expound the latest product developments and trends in this fast changing market; whether you are a company that trades with China, a financial institution looking to expand your product capabilities or an investor looking for greater exposure to the RMB.
The forum will focus on the “Regulatory perspective on the use of RMB with empahasis on the Sri Lankan Market” by Dr. Nandalal Weerasinghe, Deputy Governor of the Central Bank of Sri Lanka and Opportunities and Challenges in Managing RMB FX by Lucius Lee, Director, Head of Corporate FX Sales, HSBC Global Markets, Singapore.
“This is a very good opportunity to explain in greater detail the implications of RMB internationalisation, as well as its challenges and opportunities for Sri Lanka. The continued growth of RMB has been fundamental in driving further innovations in offshore markets, meeting the needs of companies and financial institutions for trade, investment and capital requirements. It also represents more opportunities for HSBC Sri Lanka to further develop its leading role in the internationalisation of the Renminbi,” said Sachith Perera Head of Global Banking and Markets HSBC Sri Lanka.
China is now Sri Lanka’s second largest trading partner, with bilateral trade reaching $ 3.62 billion in 2013 and growing at a rate of 14.3% annually, creating a unique opportunity for Sri Lanka to benefit from the growing global influence of China’s economy and currency.
In this background, the proposed FTA between Sri Lanka and China will offer an ideal platform for Sri Lankan businesses; especially trade oriented enterprises to enter the Chinese market for optimum benefit. It will also create opportunities for Sri Lanka to get into international production networks and supply chains, using China as an entry point.
China has also become a major development partner of Sri Lanka especially in the field of infrastructure projects. The FTA and twenty other bilateral deals are projected to cover trade in goods and services, investment, and economic and technological cooperation between the two nations.
