When China floats, Hong Kong hopes to soar

As China inches toward floating the renminbi, the head of Hong Kong's major derivatives exchange expects to become the center of derivatives trade linked to the currency.

Hong Kong Exchanges & Clearing Ltd. Chief Executive Charles Li said that he expects his exchange to play the same role Chicago does for dollar-based contracts and Frankfurt for the euro.

His statement, made at an investor conference in New York on Friday, comes amid rising calls from other countries and international financial organizations that China speed up efforts to float its currency.

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