Hong Kong’s new training visa could be available in first quarter of 2027
A new visa intended to attract international talent to participate in short-term training programmes in Hong Kong could become available as early as the first quarter of next year, the South China Morning Post has learned. The final policy address of Chief Executive John Lee Ka-chiu’s current term also put the spotlight on five existing or soon-to-launch academies that would seek to train…
Hong Kong is strategically expanding the use of the yuan, targeting areas such as gold trading and cross-border payments as part of its goal to internationalize the Chinese currency. During a recent policy address, Chief Executive John Lee Ka-chiu outlined plans to bolster Hong Kong's standing as an international financial hub by developing a gold trading ecosystem and establishing a regional intellectual property trading center.
The Hong Kong Monetary Authority is set to introduce a tendering mechanism for seven-day offshore yuan liquidity and explore issuing short-term debt instruments to promote greater usage of the currency. In a bid to streamline payments, the HKMA aims to link Hong Kong's Faster Payment System with UnionPay, China's bank card and payment system, by the end of the year.
The move would facilitate transactions in Hong Kong dollars and renminbi across different locations. Authorities are also considered to encourage more foreign banks to join the Cross-border Interbank Payment System to expand the clearing network. For gold trading, Hong Kong plans to launch its central clearing and settlement system for the precious metal in early 2027, building upon its current trial operation.
Notable institutions like HSBC and Standard Chartered will be part of the clearing company's board, with all participants needing to meet specific criteria. By offering a range of financial products, including gold loans and inventory finance, the city aims to leverage its status as the world's largest offshore yuan center. Additionally, Hong Kong's stock exchange is expected to introduce new renminbi-denominated, physically settled gold futures contracts this year, further enhancing the currency's global influence in precious metals pricing.
The Intellectual Property Department is also working on enhancing its examination capacity for original grant patent applications, with a goal of adding 40 staff members. The department is currently evaluating pilot facilitation measures for the upcoming year. Other initiatives include a second-stage consultation on increasing the competitiveness of the listing mechanism, set to conclude by the end of the current month.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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