Central Banking

HKMA, PBoC agree to expand renminbi business


Norman Chan, the chief executive of the Hong Kong Monetary Authority (HKMA), and Hu Xiaolian, a deputy governor of the People's Bank of China (PBoC), on Monday signed an agreement to expand the renminbi trade settlement scheme.

The expansion will see Hong Kong's status and role as a renminbi market platform further enhanced by removing restrictions on banks in the territory establishing renminbi accounts for, and providing related services, to financial institutions. It will also enable individu

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