BloombergHong Kong Exchanges & Clearing Ltd., operator of Asia’s third-biggest stock market, is ready to handle yuan products when it is able to introduce them, Chief Executive Paul Chow said.
“We’re able to support RMB products if the policy is in place,” Chow said today at a media briefing in Hong Kong. “We should not expect them to come in a great way in the next few years. But we are ready, if the market is ready.”
Chow said Charles Li, Hong Kong Exchanges’ chief executive designate, will work on developing yuan products. Li, 48, joined the exchange Oct. 16, and will succeed Chow effective Jan. 16. Chow will retire Jan. 15.
Beijing-born Li has about 20 years of experience in investment banking and legal practice, according to the stock exchange Web site.
The 48-year-old was previously China chairman for JPMorgan Chase & Co., which he joined in 2003 from Merrill Lynch & Co., according to a June 3 stock exchange statement.
Prior to investment banking, Li practiced law with two New York-based firms, the statement said. He was a Beijing-based editor and reporter for the official China Daily newspaper in the mid-1980s, and worked on an oil field in northern China’s Bohai Bay in the late 1970s, the June statement said.
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