Hong Kong serves as platform for cross-strait RMB exchange

20:10, July 13, 2010      

Email | Print | Subscribe | Comments | Forum 

The arrangement for the exchange, supply and repatriation of renminbi cashnotes with Taiwan will be conducted through the renminbi platform in Hong Kong, with the Hong Kong renminbi clearing bank as the intermediary, said the Hong Kong Monetary Authority (HKMA) on Tuesday.

The RMB clearing bank in Hong Kong will provide RMB cashnote exchange and related services to the Hong Kong branches of eligible Taiwan commercial banks as determined by Taiwan.

These commercial banks' head offices in Taiwan will then provide RMB cashnote exchange services to other authorized financial institutions in Taiwan, for the purpose of serving personal customers locally.

On Tuesday, the People's Bank of China (PBOC), or the central bank, announced that it has authorized the Bank of China (Hong Kong) Limited to provide RMB cashnote clearing service to Taiwan.

To facilitate the operations, the PBOC and the HKMA also signed a memorandum of cooperation on Tuesday. The RMB clearing bank in Hong Kong will also sign a settlement agreement with the Hong Kong branch of the relevant commercial banks soon, said the HKMA.

Welcoming the arrangement, financial secretary of the government of the Hong Kong SAR John Tsang said Hong Kong's established RMB clearing platform was providing a practical arrangement to facilitate cross-strait cooperation on monetary management.

"This also underscores that Hong Kong, as a leading international financial center in the region, can play an important role in and contributes further to cross-strait financial cooperation and development," he said.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
  • Photo taken on Sept. 29, 2011 shows strong wind blows trees in Sanya, south China's Hainan Province. Typhoon Nesat heads towards south China and is moving at an average wind speed of 20 km per hour toward the west coast of China's Guangdong Province. (Xinhua/Hou Jiansen)
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • Arash Kamalvand (L) of Iran spikes the ball during the semifinal against South Korea at the 16th Asian Men's Volleyball Championship in Tehran, Iran, Sept. 28, 2011. Iran won 3-1 to advance to the final. (Xinhua/Ahmad Halabisaz)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
Hot Forum Discussion