Starry Lee to propose boosting Hong Kong’s role as offshore yuan hub at ‘two sessions’

Hong Kong must bolster its role as an offshore renminbi hub and expand its bond market amid escalating tensions of the US-Israel strikes on Iran to attract global capital during turbulent times, the city’s sole delegate to the nation’s top legislative body has said.Starry Lee Wai-king, Hong Kong’s sole delegate to the National People’s Congress (NPC) Standing Committee and president of the Legislative Council, said this was one of the proposals she planned to make at the “two sessions” as political leaders, including Chief Executive John Lee Ka-chiu, arrived in Beijing for China’s top annual meetings.Hong Kong delegates are set to meet Xia Baolong, director of the Hong Kong and Macau Affairs Office (HKMAO), in a closed-door session on Tuesday afternoon, a day before the annual meeting of the country’s top political advisory body, the Chinese People’s Political Consultative Conference (CPPCC).Before departing for the capital, Starry Lee said: “As geopolitical risks continue to escalate, Hong Kong must reinforce its position as an offshore renminbi hub.“We now need greater support from the bond market, especially amid the current volatile international environment. This will help attract more capital from various parts of the world.”Lee said she would raise 10 proposals during the two sessions, including issuing more offshore renminbi government bonds in Hong Kong, establishing the first cross-border low-altitude flight route, and further easing land border crossings.