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Recognising the potency of marketing, I set up in 2010 within the HKMA a new team dedicated to reaching out to promote Hong Kong as the premier international financial centre (IFC) in Asia. One of the priority areas that our team has sought to promote, which is highly relevant to our treasury practitioners, is clearly the use of Hong Kong as the corporate treasury management hub for multinational companies as well as Mainland corporates with increasingly larger business footprint offshore. Our team has in the past year alone reached out to nearly 300 companies. 3. Many corporates that we have approached recognise the attractiveness of Hong Kong as an IFC. Hong Kong is a major banking centre with mature and sophisticated capital markets. Our financial system is resilient and is underpinned by a robust regulatory regime. We have first class transport and communications infrastructure. There is a large cluster of finance and legal professionals and talents etc. Yes, we do have a long list of advantages that we can deploy to lobby corporates to come to Hong Kong to set up corporate treasury centres (CTCs) to manage their cash, FX, credit, hedging, interest rates transactions. However, the HKMA outreaching team soon realised that they had run into a major problem. The problem had to do with the tax asymmetry that treated CTCs’ overseas interest expenses and income differently.