Financial conditions ripe to relax renminbi rules, says HKMA’s Chan

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Norman Chan, executive of the Hong Kong Monetary Authority (HKMA), on January 17 said financial conditions in Hong Kong were now appropriate to relax certain regulatory requirements on the renminbi business of its banks.

Chan said Hong Kong had achieved encouraging results druing the past year in its efforts to develop as an offshore renminbi business centre, with trade settlement hitting 2 trillion yuan ($316 billion) and renminbi deposits almost doublin over the period.

In a speech delivered

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