The Hong Kong Monetary Authority and the Central Bank of the United Arab Emirates held the second bilateral meeting in Hong Kong on December 20, aiming to further promote cooperation and connectivity between the financial services sectors.
A Memorandum of Understanding was signed by Eddie Yue Wai-man, Chief Executive of the HKMA, and H.E. Khaled Mohamed Balama, Governor of the CBUAE, to strengthen and formulate the cooperation arrangements.
Under the MOU, the two authorities have agreed to establish connectivity of the debt capital markets and the related financial market infrastructures between Hong Kong and the UAE, for facilitating cross-border debt securities issuance and investment activities.
The MOU will further enhance mutual cooperation and the exchange of expertise between the HKMA and the CBUAE in debt capital markets, and reinforce Hong Kong's strategic role as a gateway to both the Renminbi and international debt markets, said Yue.
Following the first bilateral meeting in Abu Dhabi in 2023, the HKMA and the CBUAE have continued engaging in in-depth discussions covering several major areas, including cross-border debt capital market connectivity, financial infrastructure development, and investment outlook and opportunities in both the Middle East and North Africa region and Mainland China.
