Hong Kong Financial Institutions introduced Renminbi settlement services in cross-border trades

Increasing demand for Renminbi financial services from Hong Kong accounts is resulted since the Chinese government launched the Pilot Scheme of Renminbi Settlement in Cross-border Trade in July 2009.

As of the end of March 2010, there were 64 institutions in Hong Kong offering Renminbi trade settlement service, and 30 banks have already signed the relevant agreement to offer services such as Renminbi trade financing, dual exchange rate system of Renminbi and other currencies, and import and export of Renminbi.

Hong Kong banks will selectively open a Renminbi settlement account for each of their existing customers from June 2010. The newly established companies in Hong Kong will also be allowed to open Renminbi settlement accounts if their businesses are not financial-related. The opening of Renminbi settlement accounts will reduce the currency risk that enterprises encountered in the cross-border trades.

Back to main page | Back to News & Events