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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

CS tours Tai Po youth hostel

Chief Secretary Matthew Cheung, accompanied by Secretary for Home Affairs Caspar Tsui, today visited the Federation of Youth Groups' youth hostel PH2 in Tai Po to learn about its operation and latest developments.   They were briefed on the hostel by the federation's Executive Director Andy Ho and toured the hostel's units and various facilities.   The officials also exchanged views with frontline youth workers and a tenant to learn about their experiences and stories of operating and living in the hostel in the past year.   Mr Cheung expressed his gratitude to the federation for its care in running the youth hostel, which not only provides a comfortable living space for youth tenants, but also assists them in learning diverse life skills and financial planning through a wide variety of activities to help enable their upward mobility and realisation of aspirations.   He also noted that the current-term Government vigorously pushes forward youth hostel projects.   Apart from the Tai Po youth hostel, which was the first to be completed, Mr Cheung said the one in Ma Tin Pok, Yuen Long by Po Leung Kuk is the largest project in scale so far. Scheduled to open next year, it will provide 1,680 hostel places.   Five other projects being implemented will also offer more than 1,600 hostel places altogether.   Among them, the Sheung Wan project by the Tung Wah Group of Hospitals and the Jordan project by the Girl Guides Association were granted funding approval by the Legislative Council Finance Committee in April for starting main construction works.   The Government will continue to play an active role in assisting non-governmental organisations (NGOs) to provide more youth hostel units as soon as possible, the Chief Secretary added.   The Youth Hostel Scheme aims to encourage NGOs to unleash the potential of development sites to achieve optimal land use and to meet the aspirations of working youths in having their own living spaces.   The Government will fund the full capital costs of youth hostel projects carried out by participating NGOs. Upon completion, NGOs will run the youth hostels on a self-financing basis.
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