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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) welcomed the announcement by the People's Bank of China and relevant Mainland authorities of a substantial expansion of the list of Mainland enterprises that are eligible for participating in the cross-border Renminbi (RMB) trade settlement scheme.
The cross-border RMB trade settlement scheme was expanded in June this year, whereby, among other things, the coverage was extended from trade transactions between five Mainland cities and the ASEAN economies to all trade transactions of 20 provinces and cities on the Mainland with the rest of the world. With today's expansion of the list of eligible enterprises, the number of Mainland enterprises that can settle merchandise exports in RMB has substantially increased from 365 to 67,359.
The Chief Executive of the HKMA, Mr Norman Chan, said,¡§The expansion of the RMB trade settlement scheme has brought the development of offshore RMB business in Hong Kong to a new level. I look forward to an increase in cross-border trade transactions that are settled through Hong Kong's RMB platform. It is also hoped that banks in Hong Kong can seize the opportunities to provide more and better RMB financial services in support of real economic activities, thereby contributing to the development of the country.¡¨
Ends/Monday, December 6, 2010
Issued at HKT 23:30
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