by Peter Wong, Consulting Director, PwC Hong Kong and Member of the HKMA/TMA Working Group of Corporate Treasury Development
On 9 September 2016, the Hong Kong Government Inland Revenue Department (IRD) announced the detailed rules of the new Corporate Treasury Centre (CTC) Policy in the form of Practice Notes (PN) . This is a very positive and important step towards establishing Hong Kong as a corporate treasury hub and an official recognition of the importance of professional treasury management.
Hong Kong is the number one offshore RMB centre in the world, depositing over 70% of China’s offshore currency. The city is the most vibrant international financial centre in Asia with a broad and deep capital and treasury market offered to global investors around the world, including China itself.