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PBOC And HKMA Expand Swap Pact To US$63b
Source: Bloomberg News |
November 23, 2011, Wednesday
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Print Edition
Print Edition
THE People's Bank of China and the Hong Kong Monetary Authority expanded their three-year currency-swap agreement to 400 billion yuan (US$63 billion), to bolster Hong Kong's development as an offshore yuan center.
The pact will allow Hong Kong access to yuan from the PBOC for three years, replacing another one of 200 billion yuan signed in January 2009, according to the statement on the PBOC's website.
Demand for the yuan in Hong Kong is rising and may lead to tighter liquidity in the city, HKMA Chief Executive Norman Chan said yesterday. Hong Kong's de facto central bank had to tap its swap agreement with the PBOC in October last year after demand for trade settlement in yuan exceeded expectations. Cross-border trade settled in the yuan through Hong Kong rose to over 1.3 trillion yuan in January through September, according to the HKMA.
"I'm seeing a trend that more and more overseas banks are using Hong Kong banks to serve their clients' yuan service demands," Chan said in Beijing.
The pact will allow Hong Kong access to yuan from the PBOC for three years, replacing another one of 200 billion yuan signed in January 2009, according to the statement on the PBOC's website.
Demand for the yuan in Hong Kong is rising and may lead to tighter liquidity in the city, HKMA Chief Executive Norman Chan said yesterday. Hong Kong's de facto central bank had to tap its swap agreement with the PBOC in October last year after demand for trade settlement in yuan exceeded expectations. Cross-border trade settled in the yuan through Hong Kong rose to over 1.3 trillion yuan in January through September, according to the HKMA.
"I'm seeing a trend that more and more overseas banks are using Hong Kong banks to serve their clients' yuan service demands," Chan said in Beijing.
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