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HONG KONG, Nov. 25 (Xinhua)-- The Hong Kong Special Administrative Region (HKSAR) government and institutions welcomed the launch of the Shenzhen-Hong Kong Stock Connect (SZHKSC) on Friday evening.
The SZHKSC will be launched on Dec. 5, according to a joint announcement by the China Securities Regulatory Commission and the Securities and Futures Commission of Hong Kong.
The SZHKSC is a mutually beneficial collaboration project. Following the successful implementation of the Shanghai-Hong Kong Stock Connect, the SZHKSC will help further promote the opening up of the Chinese mainland's capital markets as well as the internationalization of the renminbi (RMB), according to a HKSAR government statement.
It will also reinforce Hong Kong's position as an international financial center and a premier offshore RMB hub, it said.
John Tsang, Financial Secretary of the HKSAR, said, "The SZHKSC will be implemented very soon. We will closely monitor its implementation so that it will contribute to the economic and financial reforms of our country and reinforce Hong Kong's position as an international financial centre."
WELCOME FROM HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) welcomed the latest timetable for the launch of the SZHKSC.
The HKEX market has been ready in terms of technical systems and operations for the launch of program, said an HKEX statement.
HKEX has completed three rounds of connectivity testing and market rehearsals to ascertain technical readiness of the market infrastructure and operational readiness of market participants, the statement said.
"I want to thank everyone for their support to ensure a smooth launch of Shenzhen Connect," said HKEX Chief Executive Charles Li.
"We're ready for another milestone in our mutual market access initiative. Shenzhen Connect will open up another mainland market for international investors," Li said.
WELCOME FROM HK MONETARY AUTHORITY
The Hong Kong Monetary Authority (HKMA) welcomes the timetable.
Norman Chan, chief executive of the HKMA, said, as the second channel for mutual access to stock markets of mainland and Hong Kong, the SZHKSC is an important initiative to enhance Hong Kong's position as an international financial center.
The HKMA has recently appointed two additional primary liquidity providers and introduced measures to enhance transparency of the RMB market liquidity, Chan said.
"I believe this will further strengthen Hong Kong's role as the global hub for offshore RMB business in support of RMB internationalisation," he noted.
