Hong Kong boosts role as renminbi centre for China

Hong Kong banks will encourage customers engaged in trade between Hong Kong and Mainland China to settle trade transactions in renminbi.

According to the Hong Kong Association of Banks, Hong Kong banks will have to enhance their renminbi trade services for these customers.

Authorities in Mainland China have published administrative rules last 1 July governing the pilot programme of the RMB Trade Settlement Services.

"The RMB Trade Settlement Services will not just benefit the trade in the region but help strengthen Hong Kong’s status as a RMB centre as well as its longer-term development as the international financial centre for the Mainland China. Towards this direction, members of HKAB are committed to playing a strategic role and providing even more comprehensive services to their valued customers going forward," said Mr. Peter Wong, HKAB Chairman.

HKAB will work closely with the Hong Kong Monetary Authority in this regard.