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Article: RMB business expansion, a milestone for HK: official

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Xinhua News Agency
Article date:
January 11, 2007
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RMB business expansion, a milestone for HK: official

HONG KONG, Jan. 11 (Xinhua) -- Monetary Authority Chief Executive Joseph Yam Thursday hailed the Central Government's decision to expand Renminbi (RMB) business in Hong Kong, adding that the move is a milestone for RMB entering the international arena.

The State Council agreed Wednesday to extend clearing and settlement arrangements for RMB business carried out by local banks in Hong Kong to cover funds raised in the city by mainland financial institutions through the issuance of RMB-denominated financial bonds.

Yam told reporters the decision has strategic importance as Hong Kong is the first place where mainland financial institutions ...

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