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Letting mainlanders invest in stocks denominated in the steadily appreciating yuan would also eliminate any exchange rate risks, he added. Li gave few details or a timeframe for his predictions, which he said would be the likely natural outcome of measures to ease restrictions on listings by Chinese companies in Hong Kong announced this week by Yao Gang, vice chairman of the China Securities Regulatory Commission. Beijing is promoting the international use of its currency, also known as the renminbi, as well as Hong Kong's role as an offshore yuan trading hub. In April, the city held the world's first yuan-denominated initial public offering outside of mainland China, a $1.6 billion offering for Hui Xian Real Estate Investment Trust.
[Associated
Press;
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