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HK Dollar-designated Bills Settled in Guangdong
It is easy to settle Hong Kong dollar-designated bills in Guangdong nowadays, a source from Guangzhou Branch of the People's Bank of China (PBC) told a press briefing on Friday.
"Some 175 branches of commercial banks in 23 cities in the province can settle HK dollar-designated bills, including checks, promissory notes and money orders," said the central bank source.
These institutions have settled over HK$1.4 billion (about US$179 million) since the province started a joint settlement arrangement with the Hong Kong Special Administrative Region last year.
"The joint settlement has helped promote economic cooperation between Guangdong and Hong Kong, two economic giants in south China," said a local bank official.
According to the official, all HK dollar-designated bills that need to be settled are firstly collected by a settlement center in Guangzhou and then cleared jointly by the PBC's Guangzhou Branch and the Hong Kong Monetary Administration.
"The former cross-border settlement of HK dollar bills has been turned into a local settlement, and the bankroll's entry time is cut by at least 30 percent," said the official.
PBC sources say the joint settlement is only for HK dollars at the moment. There is no detailed timing yet for Renminbi bills settlement in Hong Kong.
Meanwhile, officials here have warned commercial banks and companies in Guangdong to be on guard against counterfeit bills by enhancing contacts with their Hong Kong counterparts, so as to avoid losses.
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