PBOC to expand yuan settlement operations in HK

China's central bank will allow expanded yuan-denominated business in Hong Kong after technical preparations are completed, the People's Bank of China said Tuesday 1 November.

Under the plan Hong Kong residents will be allowed to exchange the equivalent of CNY20,000, up from the previous CNY6,000 limit per transaction, the central bank said in a statement on its website.

The PBOC said that Hong Kong yuan-denominated business "must be developed steadily in a sequenced manner, consistent with th

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