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| Hong Kong, China Renew Currency Swap Agreement |
by Mary Swire, LawAndTax-News.com, Hong Kong
Friday, November 25, 2011
It has been announced that the People's Bank of China (PBoC) and the Hong Kong
Monetary Authority (HKMA) have signed a renewed currency swap agreement for
a term of another three years, with its size expanded to RMB400bn (USD63bn).
The new agreement doubled and extended the RMB200bn currency swap agreement
signed on January 20, 2009, and Hong Kong’s Financial Secretary, John
C Tsang, explained that: "The renewal of the currency swap agreement and
the expansion of its size will allow more flexibility for the development of
RMB business in Hong Kong. It is also conducive to the strengthening of Hong
Kong's status as an offshore RMB business centre."
When signing the currency swap agreement, the Chief Executive of the HKMA,
Norman Chan, added: "With strong support from the Central Government and
the Mainland authorities, the development of RMB business in Hong Kong has made
very encouraging progress over the past year. The renewal and expansion of the
currency swap agreement between the HKMA and the PBoC is crucial in helping
us to provide liquidity, when necessary, to maintain the stability of the offshore
RMB market in Hong Kong."
During the first three quarters of this year, RMB deposits in Hong Kong nearly
doubled to RMB622bn, while RMB trade settlement conducted through banks in Hong
Kong amounted to over RMB1.3 trillion.
In October 2010, the HKMA activated the swap for RMB20bn to support RMB trade
settlement in Hong Kong, thereby facilitating steady development of the business.
.
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