Central Banking

PBOC appoints clearing bank for RMB business

The Hong Kong Monetary Authority (HKMA) announced on Wednesday 7 January that it had been notified by the People's Bank of China (PBoC) of its decision, following a selection process, to appoint Bank of China (Hong Kong) Limited (BoCHK) as the Clearing Bank for renminbi (RMB) business in Hong Kong. The term of appointment is three years.

Mr Norman Chan, Acting Chief Executive of the HKMA, welcomed the appointment of BoCHK as Clearing Bank. "With its considerable experience in clearing and cros

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