Key Information

inSight
Speeches
Speeches by Speaker
Norman T.L. Chan
Peter Pang
Eddie Yue
Arthur Yuen
Raymond Li
Edmond Lau
Esmond Lee
Meena Datwani
Vincent W.S. Lee
James Lau
Joseph Yam
Y K Choi
William Ryback
David Carse
Tony Latter
Andrew Sheng
Hans Genberg
Simon Topping
Michael Taylor
The Honourable Donald Tsang
Chen Yuan
Dai Xianglong
Don Brash
Jaime Caruana
Andrew Crockett
Mario Draghi
David Eldon
Stanley Fischer
Timothy F. Geithner
Stephen Grenville
Kenneth G. Lay
William McDonough
Ernest Patrikis
Glenn Stevens
Jean-Claude Trichet
Tarisa Watanagase
Zeti Akhtar Aziz
Press Releases
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
Press Releases by Category
Bogus Voice Message Phone Calls
Banking in Hong Kong
Fraudulent Websites, E-mails and Telephone System, and other fraud cases
Granting of Banking Licences
Exchange Fund
Table of Multiples of Notes and Payments for Allotted Amount under non-competitive tender
Table of Multiples of Notes and Payments of Application Amount under non-competitive tender
Tender of Exchange Fund Bills and Notes
Tender Results of Exchange Fund Bills and Notes
Tentative Issuance Schedule for Exchange Fund Bills and Notes
Appointments and Departures
HKMA Pay Review
HKMA Publications
Speeches
The Hong Kong Mortgage Corporation
Hong Kong Note Printing Limited
Hong Kong Institute for Monetary Research
Exchange Fund Investment Limited
Others
Hong Kong Financial Infrastructure
International Relations
Investment Products Related to Lehman Brothers
Monetary Policy
Notes and Coins
Renminbi business
Credit Card Lending Survey
Monetary Statistics
Residential Mortgage Survey
Year 2000
Others
Guidelines and Circulars
Guidelines
Circulars
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
359.3404

Press Releases

HKMA Designates Nine CNH Primary Liquidity Providers

The Hong Kong Monetary Authority (HKMA) announced today that it has designated the following nine banks as Primary Liquidity Providers (PLPs) for offshore renminbi (RMB) market in Hong Kong (i.e. CNH market) with effect from today, following the expiry of the first term of designation to seven PLPs.

Agricultural Bank of China Limited
Bank of Communications Co., Ltd.
Bank of China (Hong Kong) Limited
BNP Paribas
China Construction Bank (Asia) Corporation Limited
Citibank, N.A.
Hongkong and Shanghai Banking Corporation Limited, The
Industrial and Commercial Bank of China (Asia) Limited
Standard Chartered Bank (Hong Kong) Limited

The nine PLPs were selected through a competitive process among the former PLPs and the contributing banks for CNH HIBOR fixing, which are all active participants in the CNH market.  The selection was based on a wide range of criteria, including the institution’s capability in providing CNH funding and making market for CNH instruments, and commitment to using Hong Kong as a global hub for offshore RMB business.  The HKMA provides each of the PLPs with a dedicated RMB repo facility of RMB2 billion, so as to facilitate their liquidity management when they carry out market-making activities and provide liquidity in the CNH market.

To enhance the transparency of the RMB market liquidity, starting from 1 November 2016 the HKMA will publish information on the usages of intraday and overnight RMB Liquidity Facility (RLF) as well as the usages of the PLP facility as at 9:00 a.m., 11:00 a.m., 2:00 p.m and 4:00 p.m. Hong Kong time from Monday to Friday, except public holidays.  The information will be shown in a new HKMA page on the Reuters (page name: HKMAOOF) within fifteen minutes of the respective points of time.

“Over the past two years, the PLP initiative has proven to be a useful arrangement in assisting the PLPs in promoting CNH market liquidity, therefore enabling them to expand the market making activities and using Hong Kong to capture RMB business opportunities worldwide.  We believe the expansion of the scheme from seven PLPs to nine PLPs, with the total PLP facility increased from RMB14 billion to RMB18 billion, will further strengthen the liquidity and resilience of the CNH market.  Meanwhile, disclosing the usage of the liquidity facilities will enhance the transparency of market liquidity.  Both of them are important steps to enhance the infrastructure for the offshore RMB market in Hong Kong, which will be conducive to the further development of offshore RMB market in Hong Kong,” said Mr Norman Chan, Chief Executive of the HKMA.

The designation is for a term of two years, with effect from 27 October 2016.  The HKMA will regularly review the experience in operating the scheme and its effectiveness, and consider the need for any refinements, including the number of PLPs and the modalities of the repo facility.

 

Hong Kong Monetary Authority
27 October 2016

Last revision date: 27 October 2016
ABOUT THE HKMA
The HKMA
Tender Invitations
Careers@HKMA
Legislative Council Issues
Links
The HKMA Information Centre
KEY FUNCTIONS
Monetary Stability
Banking Stability
International Financial Centre
Exchange Fund
PUBLICATIONS & RESEARCH
Annual Report
Half-Yearly Monetary & Financial Stability Report
Quarterly Bulletin
HKMA Background Briefs
Reference Materials
Research
MARKET DATA & STATISTICS
CMU Bond Price Bulletin
Economic & Financial Data for Hong Kong
Monthly Statistical Bulletin
Monetary Statistics
KEY INFORMATION
Press Releases
Speeches
Guidelines & Circulars
Forthcoming Events
inSight
OTHER INFORMATION
Account Opening
Consumer Corner
Consumer Education Programme
Complaints about Banks
Complaints about SVF Licensees
Internet Banking
Fraudulent Bank Websites, Phishing E-mails and Similar Scams
Be Careful of Bogus Phone Calls and SMS Messages
Authenticate the Callers and Bank Hotline Numbers
Register of AIs & LROs
Register of Securities Staff of AIs
Register of SVF Licensees
Investment Products Related to Lehman Brothers
Photo Gallery