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Hong Kong's Financial Secretary Paul Chan announced the city is considering launching a new offshore renminbi venture fund to invest in cutting-edge technology and emerging industries, supporting yuan internationalisation. This initiative aligns with the 15th Five-Year Plan to boost Hong Kong's role as an international financial hub. The government also plans to inject more capital into the Hong Kong Investment Corporation and enhance its competitiveness as an offshore yuan hub through various financial products and cross-border transactions.

- Hong Kong is actively considering launching a new offshore RMB venture capital fund to channel capital into cutting-edge technology and emerging industries while supporting RMB internationalization.  
- This initiative aligns with China's 15th Five-Year Plan, aiming to enhance Hong Kong's role as an international financial center and expand offshore RMB operations.  
- The Financial Secretary emphasized the need for accelerated efforts in innovation and technology, highlighting investments by the Hong Kong Investment Company, which manages over HKD 62 billion and has supported numerous projects across various sectors.

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Hong Kong considers new offshore yuan venture fund for tech, emerging industries

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The People's Bank of China (PBOC) is expected to set the USD/CNY reference rate at 6.9108, a key indicator in Asian foreign exchange markets. The PBOC operates a managed floating exchange rate system, allowing the yuan to trade within a 2% band around a daily midpoint. This midpoint is influenced by various factors, including previous closing prices and economic conditions. The fixing serves as a policy signal, indicating the PBOC's stance on currency strength or weakness, especially during global volatility.

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PBOC is expected to set the USD/CNY reference rate at 6.9108 – Reuters estimat

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In a report released yesterday, from CICC maintained a Buy rating on Value Partners Group, with a price target of HK$3.00. The company’s shares closed last Friday at HK$2.29.Claim 70% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Currently, the analyst consensus on Value Partners Group is a Moderate Buy with an average price target of HK$2.98.

A VP RMB MM-R(83420.HK)

Hong Kong considers new offshore yuan venture fund for tech, emerging industries

PBOC is expected to set the USD/CNY reference rate at 6.9108 – Reuters estimat

Value Partners Group (VPGLF) Gets a Buy from CICC