Hong Kong Banks Trial Personal Renminbi Business

The Hong Kong Chief Executive, Mr Tung Chee Hwa, has announced that, following approval from the State Council, the People’s Bank of China has agreed to provide clearing arrangement for banks in Hong Kong to conduct personal renminbi (RMB) business on a trial basis.

The scope of RMB business to be offered will be confined to transactions that facilitate personal spending, but do not involve investment and other capital account transactions.

The four areas covered are: deposit taking; exchange; remittances; and renminbi cards. 

The Chief Executive of Hong Kong Monetary Authority, Mr Joseph Yam, said, “In addition to meeting the demands of the market and the public, the Hong Kong banking sector will also be able to develop new areas of business.” 

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