Wed, Jan 13, 2010 - Page 11 News List

HK Exchanges CEO says firm is ready for yuan products

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Hong Kong Exchanges & Clearing Ltd, operator of Asia’s third-biggest stock market, will be ready to handle yuan products when it is able to introduce them, chief executive Paul Chow (周文耀) said.

“We’re able to support RMB [renminbi] products if the policy is in place,” Chow said yesterday 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 (李小加), Hong Kong Exchanges’ chief executive designate, would work on developing yuan products.

Li, 48, joined the exchange on Oct. 16, and will succeed Chow effective Saturday. Chow will retire on Friday.

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.

Separately, the Hong Kong Securities and Futures Commission’s chief operating officer, Paul Kennedy, is leaving effective April 7, the regulator said in a statement.

Kennedy is leaving to pursue other interests, the statement said.

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