HKMA's Yambo: we will work with Shanghai

Hong Kong and Shanghai will cooperate, rather than compete, with one another to improve the status of south-east Asia as a global hub for finance, Joseph Yam, the chief executive of the territory's monetary authority, said.

Yam said that the Hong Kong Monetary Authority saw "a complementary, mutually-assisting and interactive relationship" between the archipelago and the mainland's business capital.

The relationship should not, he said, be characterised by cut-throat competition.

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