Central Banking

Renminbi Settlement System goes live

The Hong Kong Monetary Authority (HKMA) and the Bank of China (Hong Kong) Limited (BOCHK) jointly announced Thursday 2 March 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 develope