Central Banking

HKMA moves to improve retail payments system

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The Hong Kong Monetary Authority (HKMA) on September 5 unveiled plans to modernise the territory's retail payments system, with enhancements aimed at improved payments for renminbi as well as the Hong Kong dollar. Hong Kong is keen to become a pre-eminent centre for the use of offshore renminbi and its citizens hold 563.2 billion in renminbi deposits ($88.69 billion), although the Hong Kong dollar remains the primary medium of exchange.

The first HKMA initiative includes the introduction of an

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