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China Issues Rules on Hong Kong Dollar Check Settlement
The detailed rules on Hong Kong (HK) dollar check settlements were announced Wednesday by the Guangzhou Branch of the People's Bank of China (PBC).
The new check settlement business will be formally started from October 1, the bank said.
Earlier this week Guangzhou and Hong Kong decided to cooperate with each other in settlements of HK dollar checks.
According to the new rules, all HK dollar checks that need to be settled will be firstly collected by a settlement center in Guangzhou and then be cleared jointly by the PBC's Guangzhou Branch and the Hong Kong Monetary Administration.
"This will save half the time and will help promote further economic cooperation between Guangzhou and HK, two economic giants in south China," a local bank official commented.
According to the official, the joint settlements of HK dollar checks by Guangzhou and HK will change the former cross-border way of settlements into local settlements and thus will decrease the bankroll's entry time from four days to two days.
At present there are about 600 items of HK dollar settlement business in Guangdong, involving some 50 million HK dollars.
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