HK 12 years: Mainland solidifies HK status as int'l financial center

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Play VideoHK 12 years: Closer economic ties between HK and mainland

As one of the most vibrant international financial centers in the region, Hong Kong is widely recognized for its advanced banking system that provides a favorable environment for doing business.

In our special series looking at 12 years of achievement since Hong Kong returned to China, today we take a brief look at how the mainland helped solidify Hong Kong's banking reputation.

The Bank of East Asia is a large bank in Hong Kong. Its staff are conducting last minute preparations for its new business issuing RMB bonds.

As one of the most vibrant international financial centers in the  region, Hong Kong is widely recognized for its advanced banking  system that provides a favorable environment for doing business.

Chen Qichang, vice president of Bank of East Asia, said, "Our bank will benefit greatly from this long-term increase of RMB capital."

The mainland agreed this January to a currency swap deal with Hong Kong to support short-term capital flows. The Bank Regulatory Commission also made it easier for Hong Kong banks to establish mainland branches. Now, there are 15 Hong Kong banks with branches in the mainland.

Yang Liping, director of China's Bank Regulatory Commission, said, "Their business range is expanding to the midwest and northeast parts of China."