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Hong Kong banks to provide RMB services to non-Hong Kong residents

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) issued today (July 25) a circular setting out that banks in Hong Kong will be allowed to open Renminbi (RMB) accounts for non-Hong Kong residents and offer them a full range of RMB services starting from August 1.

     The Chief Executive of HKMA, Mr Norman Chan, said, "The HKMA has been in discussion with the industry and the Mainland authorities about the provision of RMB services to non-Hong Kong residents by Hong Kong banks. I am very pleased that banks in Hong Kong may begin offering RMB services to non-Hong Kong resident next month. This is another important milestone for the development of offshore RMB business in Hong Kong.

     "The HKMA has also had deliberations with the industry about how RMB business for Hong Kong residents can be further refined at the same time while RMB business for non-Hong Kong residents is introduced. In this regard, there have been several proposals with pros and cons that are somewhat difficult to weigh between, and therefore we would need to consider further and discuss with the Mainland authorities."

Ends/Wednesday, July 25, 2012
Issued at HKT 18:28


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