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People's Daily Online>>China Business

Cross-border RMB business grows steadily (2)

By Tian Li (People's Daily Overseas Edition)

08:35, January 16, 2012

Data show that RMB business in Hong Kong has a relatively fast development during this period. As of the end of November 2011, more than 132 institutions in Hong Kong handled RMB transactions, which had provided nearly 26 billion yuan of loans and had over 627 billion yuan of deposits, accounting for about 10 percent of all bank deposits in Hong Kong. RMB has become the third largest currency after Hong Kong dollar and U.S. dollar.

Li Dongrong said that regarding monetary cooperation among central banks, by the end of 2011, the People’s Bank of China had signed bilateral currency swap agreements totaling 1.3 trillion yuan with the central banks and monetary authorities of 14 countries and regions, including South Korea, Malaysia, Hong Kong, Belarus and Argentina. Some agreements have already been enforced.

Li also said that there is still room to improve in the development of cross-border RMB business. In the future, China shall promote cross-border RMB business by focusing on the following aspects:

To promote a virtuous cycle of cross-border RMB, further broaden cross-border flow channels of RMB, and push the coordinated development of RMB markets inside and outside of China.

It will promote commercial banks to provide high-quality cross-border RMB financial services, and encourage commercial banks to provide a “package” of cross-border RMB financial service solutions for the “stepping out” of enterprises on the basis of meeting regulatory requirements and strengthening risk prevention.

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