RMB Liquidity Facilities

RMB Liquidity Facility

The RMB Liquidity Facility was introduced in June 2012 to address potential short-term liquidity tightness in the offshore RMB market. In the light of experience in operating the facility and developments in the offshore RMB market, the HKMA has made various refinements to the facility over the years.

Banks are welcome to use the RMB Liquidity Facility to meet short-term funding needs. Currently, under the RMB Liquidity Facility, banks may obtain from the HKMA:

overnight RMB funds available on the same day;
1-day, 1-week, 2-week and 1-month RMB funds available on the next day; and
intraday RMB funds.

Terms and Conditions of the RMB Liquidity Facility

Primary Liquidity Providers

In October 2014, the HKMA introduced the Primary Liquidity Providers (PLP) scheme. Currently, eleven banks were designated as the PLPs which pledged to expand their market-making activities in Hong Kong for various offshore RMB instruments, and use the Hong Kong platform in promoting their global offshore RMB business. In return, the HKMA provides a dedicated RMB repo facility to each of the PLPs so as to facilitate their liquidity management when carrying out more market-making and other business activities in the offshore RMB market. The PLPs can obtain intraday or overnight RMB funds from the HKMA under the repo facility, which are subject to the same terms and conditions as those of the RMB Liquidity Facility.

RMB Business Facility

With the strong support of the People’s Bank of China (PBoC), the HKMA leveraged the currency swap arrangement with the PBoC to launch the RMB Business Facility (RBF) in October 2025, which replaced and enhanced the RMB Trade Financing Liquidity Facility introduced in February 2025. The RBF provides banks with a stable and relatively lower-cost source of Renminbi (RMB) funds, enabling them to offer RMB financing to their corporate clients and support the wider use of RMB in the real economy. The facility channels onshore RMB liquidity into offshore markets in an orderly manner, by adopting a “hub-and-spoke” model with Hong Kong as the hub, further enhancing Hong Kong's unique advantages and role as the global offshore RMB business hub.

The RBF, with a total size of RMB200 billion, offers 1-month, 3-month, 6-month and 1-year RMB funds, with interest rates referencing onshore interest rates. The RBF, apart from operating through repo transactions, provides another option of cross-currency swaps where banks can swap their HKD funds for RMB funds with the HKMA.

Banks interested in participating in the RBF may contact the HKMA.

Terms and Conditions of the RMB Business Facility

List of participating banks for the RMB Business Facility

Related Information

Press Release(s)

Circular(s)