Hong Kong exchange to launch HKD-RMB dual counter model in June

Hong Kong Exchanges and Clearing Limited (HKEX).[Photo/VCG]

HONG KONG — Hong Kong Exchanges and Clearing Limited (HKEX) announced on Friday that it will launch the Hong Kong Dollar (HKD)-Renminbi (RMB) Dual Counter Model and the Dual Counter Market Making Program in its securities market on June 19.

This new model and program will further support the trading and settlement of RMB-denominated securities in Hong Kong, the HKEX said in an online statement.

Under the dual counter model, investors will be able to interchange securities listed in both HKD and RMB counters. Securities under the two counters are of the same class and holdings of securities in the two counters can be transferred without change of beneficial ownership.

HKEX Chief Executive Officer Nicolas Aguzin said the new dual counter model is another key milestone in the development of Hong Kong’s capital markets, which will give issuers and investors more choices, will enrich Hong Kong’s RMB products ecosystem, cementing its role as the world’s leading offshore RMB hub, and will support the ongoing internationalization of the RMB.

As part of the preparation for the launch, the HKEX has arranged a series of testing and practice sessions between May and June to support market participants in the trading and settlement of securities under the dual counter model.

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