Bank of China HK authorized as RMB clearing bank

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Last updated at: (Beijing Time) Wednesday, December 24, 2003

Bank of China HK authorized as RMB clearing bank

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The Hong Kong Monetary Authority(HKMA) said Wednesday it had been notified by the People's Bank of China of its decision to appoint Bank of China Hong Kong (BOCHK) as the clearing bank for RMB business in Hong Kong for a term of three years.

Welcoming the appointment, Acting Chief Executive of HKMA Norman Chan said the BOCHK was well placed to launch a reliable and efficient RMB clearing services for Hong Kong banks with its considerable experience in clearing and cross-border businesses.

He said the HKMA will work closely with the People's Bank of China and the BOCHK to facilitate the launch, in phases, of the personal RMB business by Hong Kong banks.

Following approval from the State Council, the People's Bank ofChina had agreed to provide clearing arrangements for the personalRMB business in Hong Kong in November.

The scope of such RMB business will include deposit-taking, exchange, remittances and RMB cards.

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