conomic and financial integration with China. HKMA has however dismissed the possibility of a near-term policy shift, citing the convertibility of the Chinese yuan as a necessary precondition for a re-peg to the RMB. The current focus of the HKMA is to develop the offshore yuan market in close collaboration w

urity and is usually expressed annually as a percentage based on the investment's cost, its current market value or its face value. Yuan refers to the Chinese yuan (CNY) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092216 CONFIDENTIAL SDNY_GM_00238400 EFTA01388581