Central Banking

HKMA launch final stage of dollar clearing system

The Hong Kong Monetary Authority (HKMA) launched the final phase of its US dollar payment system on Monday, offering paper cheque clearing and delivery versus payment settlement of US dollar denominated debt.

This allows US dollar checks drawn in Hong Kong to be cleared in the territory, bringing the US dollar clearing system to the retail banking level, according to the de facto central bank. The first phase of the US dollar clearing system launched on August 21 allowed for real time gross

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