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China's central bank chief meets head of Hong Kong monetary authority

Key Points
  • China's central bank governor, Yi Gang, met Norman Chan, the chief executive of the Hong Kong Monetary Authority on Wednesday to discuss financial cooperation in the so-called Greater Bay Area of southern China, the People's Bank of China (PBOC) said.
  • China has been pushing the development of the region to bolster integration of mainland cities with Hong Kong and Macau.
Yi Gang, governor of the People's Bank of China (PBOC), speaks during the Lujiazui Forum in Shanghai, China, on June 13, 2019.
Qilai Shen | Bloomberg | Getty Images

China's central bank governor, Yi Gang, met Norman Chan, the chief executive of the Hong Kong Monetary Authority on Wednesday to discuss financial cooperation in the so-called Greater Bay Area of southern China, the People's Bank of China (PBOC) said.

China has been pushing the development of the region to bolster integration of mainland cities, including Shenzhen, with Hong Kong and Macau, the territories that have a high degree of autonomy under the "one country, two
systems" policy.

The meeting took place in Shenzhen on the sidelines of the 24th Executives' Meeting of East Asia and Pacific Central Banks, the PBOC said, and came amid months-long anti-government protests in Hong Kong that have rattled the Asian
financial hub.

China's State Council, or cabinet, this month called for greater development of Shenzhen and the integration of its economy with neighboring Hong Kong and Macau.

Hong Kong, one of the world's busiest ports, is on the verge of its first recession in a decade as often-violent protests scare off tourists and bite into retail sales and investment.