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Press Releases

Renminbi Settlement System goes live

The Hong Kong Monetary Authority (HKMA) and the Bank of China (Hong Kong) Limited (BOCHK) jointly announced today the launch of the new Renminbi Settlement System (RSS) on 6 March 2006.

The HKMA announced on 1 November 2005 that the People's Bank of China (PBOC) had agreed, upon the approval of the State Council, to provide clearing services for expanded renminbi business in Hong Kong.

To cater for the expanded renminbi business, the BOCHK, in consultation with the HKMA, has developed the RSS. The BOCHK was appointed by the PBOC as the Clearing Bank for renminbi business in Hong Kong in December 2003.

Key functions of the RSS include a clearing and settlement system for renminbi cheques drawn on banks in Hong Kong for consumer spending in Guangdong, an automated system for remittance processing, renminbi bank card payments and renminbi position-squaring and a real-time enquiry service for participants of the system.

With the renminbi cheque-clearing mechanism, Hong Kong residents can open renminbi current accounts with banks in Hong Kong and make payments by cheque for consumer spending in Guangdong Province. The limit of aggregate payment for each renminbi current account should not exceed RMB80,000 yuan per day.

42 banks and credit card companies are participating in the RSS, of which 27 banks will offer renminbi cheque services from 6 March onwards.

Mr Joseph Yam, Chief Executive of the HKMA, said "The RSS will provide a safe and efficient clearing and settlement platform to support the further expansion of renminbi business in Hong Kong. It is an important addition to Hong Kong's financial infrastructure, particularly in the light of the closer economic and financial relationship between Hong Kong and the Mainland."

Mr He Guangbei, Vice Chairman and Chief Executive of BOCHK, said, "Since the introduction of renminbi services in Hong Kong in February 2004, the renminbi clearing service provided by BOCHK has been operating in a steady and smooth manner. The newly-launched RSS serves as a quality clearing platform for renminbi business, and will therefore lay down a foundation for the further expansion of renminbi business in Hong Kong."

For further enquiries, please contact:
Hong Kong Monetary Authority
Mr Thomas Chan, Senior Manager (Press) at (852) 2878 1480 or
Ms Jasmin Fung, Manager (Press) at (852) 2878 8246

Bank of China (Hong Kong) Limited
Ms Clarina Man, Deputy General Manager of Chief Executive's office at (852) 2826 6175 or
Ms Angel Yip, Deputy Head of Corporate Communications Division at (852) 2826 6159

2 March 2006

Last revision date: 1 August 2011
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