High currency in finance jobs
Hong Kong is the world’s ninth largest international banking centre, and Asia’s third largest. It is also the sixth largest centre for foreign exchange trading. At the end of September 2012, 70 of the world’s 100 top banks had operations in Hong Kong.
The banking industry has become a very broad business. Traditionally, banks concentrated on savings, borrowing and lending. However, services have become more diversified and nowadays banks also provide everything from investment services to risk-management consulting. As information technology has assumed greater importance, people are also needed to run information systems. Banks need different talents and hiring trends will remain positive.
Hong Kong has also become a major offshore yuan centre, playing an ever more important role in cross-border yuan trade settlement. Boosted by the rapid expansion of yuan business, deposits have surged tenfold since 2009 to 589 billion yuan at the end of 2011. This has created many business opportunities and the industry will benefit greatly from Hong Kong’s position.
Dr Michael CS Wong, associate professor in the Department of Economics and Finance at City University’s College of Business
As told to Chiu Po-sze.