Hong Kong and Shanghai will sign a deal to increase collaboration in the financial sphere at the Lujiazui Forum on Wednesday, as the cities strengthen links to better withstand the implications of geopolitical tensions.
The signing will take place at 9am, before top financial regulators deliver their keynote speeches. Wu Wei, executive vice-mayor of Shanghai, will also join the signing ceremony, according to Shanghai government officials with knowledge of the matter.
The agreement would map out a blueprint for cooperation in “multiple layers and fields”, the sources said. Speculation is rife that Shanghai and Hong Kong will expand the “connect” schemes that allow cross-border trading and start trials of financial derivative products involving foreign currencies and commodities.
Details would be known after discussions in a closed-door meeting on Wednesday that would be attended by Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, according to a separate source who was briefed on the matter.
