GF 323
CONFIDENTIAL
(c)
25
機密
China's investment in Hong Kong's
financial sector
(24)
38.
The rumoured 'house-cleaning' campaign does not
yet seem to have had much effect on China's investment in
(25) Hong Kong's financial sector
It is believed that
the Bank of China Group is not involved in this campaign.
Rong Yiren, Chairman of the Board of Directors of CITIC,
was also reported to have said that his company's business
in Hong Kong would not be affected. However, the Bank of
China group has recently taken some small steps to reduce
competition between banks within the group. For instance,
in the foreign currency deposit business, a minimium
spread between buying and selling prices has been set by
the Regional Office of the BOC group, and the interest rates offered on foreign currency savings deposits by banks in the BOC Group have been standardised.
(IV) Investment
39.
(a) Hong Kong's investment in China
The most recent information on foreign
investment activity in China released by MOFERT (paragraph 14) did not contain a breakdown by country.
(24) In paragraph 32 of the last quarterly report of this
series, it was reported that Asia Standard
Development Company (a subsidiary of Yue Xiu
Enterprises) would be listed on the Hong Kong Stock Exchange around September this year. This flotation has now been deferred to an unstated date.
(25) It is not clear whether the withdrawal of China
interest and the subsequent closing down of Sinocorp Investments Ltd. - a foreign exchange and gold trading company was in any way connected with the house-cleaning campaign.
CONFIDENTIAL #3
No comments yet.
Private notes are available after approval.