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...

Chinese battery giant Contemporary Amperex Technology Limited (CATL) extended its stock price rout after recording a surprise slowdown in third-quarter net profits, as analysts warned the company could be hit by slowing demand from China’s electric car industry next year. The world’s largest electric vehicle (EV) battery maker saw its shares continue to tumble by over 10 per cent in Shenzhen and 8.6 per cent in Hong Kong in the morning session on Wednesday. The Fujian province-based firm posted...

Global ultra-rich families worry more about wealth succession than political uncertainty, as most of their next generation are not yet well prepared for the trillions of dollars’ worth of transfer, a survey by Julius Baer showed. The findings came after the Swiss private bank and its partner EY analysed responses from more than 700 financial professionals worldwide who advise ultra-high-net-worth (UHNW) families with wealth of 50 million Swiss francs (US$60.7 million) or more in the latest...

Global ultra-rich families worry more about wealth succession than political uncertainty, as most of their next generation are not yet well prepared for the trillions of dollars’ worth of transfer, a survey by Julius Baer showed. The findings came after the Swiss private bank and its partner EY analysed responses from more than 700 financial professionals worldwide who advise ultra-high-net-worth (UHNW) families with wealth of 50 million Swiss francs (US$60.7 million) or more in the latest...