Hong Kong has vowed to engage more international banks in a debt securities clearing system, as part of a wider push to develop the city into a leading global yuan trading hub. “Hong Kong is actively promoting a number of measures to advance the city’s offshore yuan market to higher and deeper levels,” said Michael Wong Wai-lun, the city’s deputy financial secretary, during a Hong Kong event related to the Financial Street Forum on Wednesday. On the infrastructure side, Wong said the government...

China’s tax authorities are accepting reasonable explanations when enforcing new rules on offshore trust gains, according to an executive who says their appeal was successful, offering some reassurance as a 90-day grace period expires on Thursday. The approach appears to be translating into greater clarity from regulators. Earlier this week, the State Taxation Administration published a question-and-answer series that suggested Beijing was implementing the rules in line with international...