Signing of Memorandum of Co-operation
on Cross-border Renminbi Trade Settlement Scheme
To
support the expansion of the pilot cross-border renminbi (RMB) trade settlement
scheme, the PBC and the Hong Kong Monetary Authority (HKMA) signed a
Supplementary Memorandum of Co-operation on July 19, adapting their cooperation
areas to the expanded RMB trade settlement scheme, and agreeing to further
cooperation in the development of the offshore RMB trade settlement business.
On
the same day, the PBC and the Bank of China (Hong Kong) Limited, signed a revised Settlement
Agreement on the Clearing of RMB Business. According to the Agreement,
participating banks in Hong Kong can provide, subject to local regulations, RMB services to
various corporate and institutional customers. In addition, cross-border flows
of RMB funds will be regulated by the rules and requirements in the Mainland of
China.
The
signing of the two agreements will be conducive to the smooth operation of the
pilot RMB cross-border trade settlement scheme, and further promote trade and
investment. In the meantime, they will help the development of RMB business in Hong Kong, and further strengthen
economic and trade links and people-to-people exchanges between the Mainland
and Hong Kong.
Download the Document(MS WORD format)
