BOC Launches Yuan Repos In Hong Kong
Wednesday, February 23, 2011
Bank of China (Hong Kong) Limited (BOCHK) has announced the launch of renminbi
securities sale and repurchase facilities (RMB Repo Facilities) through Hong
Kong’s Central Moneymarkets Unit, to facilitate intraday liquidity management
of participating banks in the RMB clearing system, starting from February 21,
2011.
BOCHK believes that the introduction of RMB Repo Facilities will enhance the
liquidity of Hong Kong's RMB market, facilitate prompt and efficient RMB settlements,
enable the launch of new RMB products and services in the future, and pave ways
for the long-term development of the RMB business in Hong Kong.
BOCHK is one of the three note issuing banks in Hong Kong and, since December
24, 2003, has been appointed by the People's Bank of China as the clearing bank
for RMB business in Hong Kong. BOCHK has operated a RMB bond clearing service
since June 2007. In July 2009, BOCHK also began to provide RMB trade clearing
services in Hong Kong.
In line with that steady expansion and development of RMB services in Hong
Kong, BOCHK has said that its operation has been running smoothly, providing
comprehensive and efficient clearing services for all participating banks, with
an efficient cross-border clearing system and strong contingency backup capabilities. |
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