Cross-border share trade 'to boost offshore yuan'

The Shanghai-Hong Kong Stock Connect program, which began with much fanfare on Monday, is widely expected to boost demand for the renminbi in Hong Kong and, as a result, the size and influence of the offshore market.

"The 'through train' not only connects the Chinese mainland with the global financial center, but also consolidates Hong Kong's status as the major offshore renminbi center," said Hong Kong Chief Executive Leung Chun-ying at a ceremony at the stock exchange in Hong Kong to mark the start of Stock Connect.

Leung's words were seen as a reflection of Hong Kong's goal to be an irreplaceable center for offshore yuan as the Chinese mainland pursues financial reform based on the opening of the capital account.