HKMA unveils measure to smooth burgeoning renminbi flows

Chinese currency

The Hong Kong Monetary Authority (HKMA) on Thursday unveiled a set of measures to smooth the flow of renminbi into the territory, as Hong Kong's role as an offshore hub for business in the currency grows.

Norman Chan, the chief executive of the HKMA, said the total amount of renminbi deposits in Hong Kong had soared to Rmb279.6 billion ($42 billion) at the end of November - a 29% leap compared to the end of October and a 246% increase from the end of 2009.

"The pool of [renminbi] funds in Hong K

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