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Press Releases

Signing of Memorandum of Co-operation on Renminbi Business

Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority (HKMA), and Ms Hu Xiaolian, Deputy Governor of the People's Bank of China (PBoC), signed a Supplementary Memorandum of Co-operation today (Monday) on the expansion of the renminbi trade settlement scheme.

Following the expansion of the renminbi trade settlement scheme, the HKMA and the PBoC have agreed to 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. This is a milestone in the development of offshore renminbi business in Hong Kong and a very crucial step in the implementation of the two guiding principles set out in the HKMA circular issued in mid-February.

The PBoC and Bank of China (Hong Kong) Limited, the Renminbi Clearing Bank, also signed a revised Settlement Agreement on the Clearing of Renminbi Businesses today.

The Chief Executive of the HKMA, Mr Norman Chan, said, "Following the revision of the Settlement Agreement, there will no longer be restrictions on banks in Hong Kong in establishing renminbi accounts for and providing related services to financial institutions; and individuals and corporations will be able 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."

For further enquiries, please contact:
Anissa Wong, Manager (Communications), at 2878 1802 or
Natalie Wu, Officer (Communications), at 2878 8246

Hong Kong Monetary Authority
19 July 2010

Last revision date: 1 August 2011
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