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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

CE explains dual nationality stance

(To watch the full media session with sign language interpretation, click here.)   Chief Executive Carrie Lam today said Chinese nationals who have dual nationality are not eligible for foreign consular protection in Hong Kong.   Mrs Lam made the statement ahead of this morning’s Executive Council meeting in response to media enquiries about visits by consuls to their nationals with dual nationality in the city.   She noted that people should refer to the Vienna Convention on the Law of Treaties for such matters.   “Where a person has dual nationality, which is accepted and recognised in some places, not all places - certainly not recognised in the Nationality Law of the People’s Republic of China - then if that particular person is in one of the places or countries that does not recognise dual nationality and possesses one of his national statuses, then he will not be eligible for this sort of consular protection, including consular visits.”   She added that the National People’s Congress Standing Committee in 1996 decided that those with dual nationalities will be regarded as Chinese nationals in Hong Kong, and would not be eligible for consular protection.    The Chief Executive also reiterated that the UK Government’s recent move to grant the right of abode to British National (Overseas) (BN(O)) passport holders has breached the understanding reached at the time of the Sino-British Joint Declaration.    “There was an exchange of memorandum between the two governments about how the holders of the BN(O) passports will be treated after 1997, and that is that the BN(O) passport is a travel document and is a proof of identity, and nothing else.   “It is not a form of nationality, and the UK Government has pledged that they will not grant the right of abode or nationality status to holders of the BN(O) passport. So, this understanding has now been breached.”
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