March 15, 2012 / 4:20 PM / 5 years ago

Modest yuan appreciation good for RMB cap mkt-HKMA

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NEW YORK, March 15 (Reuters) - The renminbi's current modest appreciation should be beneficial in developing the local currency's offshore market in Hong Kong, said Peter Pang, deputy chief executive of the Hong Kong Monetary Authority, on Thursday.

"The current modest appreciation is actually good for the RMB market because the market is starting to move away from being just a play on currency appreciation," he told Reuters on the sidelines of a conference on Hong Kong as a global financial center.

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