Hong Kong Exchanges and Clearing, the world's second-largest bourse by market capitalisation, yesterday warned that competition from rivals would intensify as China liberalised its strict capital controls.
The warning came as HKEx announced its 2009 financial results and said it would forge closer links with mainland China as a key part of its new three-year strategic plan.
“The increasing internationalisation of the renminbi will significantly expand the mainland opportunities for HKEx as well as intensify the competitive pressures facing HKEx,” said Ronald Arculli, chairman. The exchange faces competition from global rivals as well as the two fast-growing mainland exchanges in Shanghai and Shenzhen.
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