Central Banking

HK US dlr clearing volume picking up over time

Hong Kong's recently introduced U.S. dollar clearing system is unlikely to see volume pick up fast in the near-term as clients test the waters and wait for more services to be priced in U.S. dollars, said settlement bank Hong Kong and Shanghai Banking Corp (HSBC).

But the system which allows participants to settle U.S. dollar transactions in real-time for the first time in Asia should attract large volumes longer-term and build up the territory's reputation as a regional financial hub, said

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