The central bank of the United Arab Emirates (CBUAE) has joined Hong Kong's debt depository network as the Chinese offshore market seeks to boost its role as a leading offshore Renminbi business hub.
CBUAE has plugged into Hong Kong's core central securities depository for debt securities, Central Moneymarkets Unit (CMU), which allows investors in the Middle East market greater access to Chinese assets, Hong Kong's central bank said on Thursday.
The connectivity provides "direct and cost-effective access" to Chinese mainland’s capital markets and financial assets, according to Hong Kong Monetary Authority (HKMA), leveraging Hong Kong’s established financial infrastructure.
The UAE central bank's membership in the Hong Kong-based network supports "diversifying investment opportunities for market participants in the United Arab Emirates", CBUAE's governor Khaled Mohamed Balama said in a statement.
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