Central Banking

HKMA signs agreement on renminbi settlement

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Beijing's drive to increase international acceptance of the renminbi was given a boost by the signing of a memorandum of cooperation between Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA) and Zhou Xiaochuan, governor of the People's Bank of China for a trial scheme to use renminbi in settling cross-border trade.

The agreement will benefit both sides: mainland China, in boosting the hitherto relatively constrained role of its currency in transactions beyond its borders, an

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