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| No.7 July, 2010 |
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RMB co-operation memorandum signed |
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The Hong Kong Monetary Authority and People's Bank of China have signed a supplementary memorandum of co-operation to further expand the use of China's currency for trade transactions.
The two agencies will strengthen co-operation and further promote Hong Kong's status and role as a renminbi market platform in the process of developing renminbi business outside the Mainland.
The People's Bank, the Renminbi Clearing Bank and Bank of China (Hong Kong) Limited, also signed a revised settlement agreement on the clearing of renminbi businesses.
Monetary Authority Chief Executive Norman Chan said the revised settlement agreement would lift restrictions on banks in Hong Kong in establishing renminbi accounts for financial institutions. It also allows individuals and businesses to conduct renminbi payments and transfers through the banks.
"I expect that many more types of financial intermediary activities denominated in the renminbi will be introduced in the market, helping Hong Kong's renminbi business platform leap to new heights," Mr Chan said.
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