Hong Kong’s de facto central bank has announced measures designed to ease capital flows of the renminbi for companies seeking to conduct trade in the Chinese currency.
The changes, unveiled on Thursday, came as part of the island’s move to enhance its role as an offshore centre for renminbi trade settlement.
The Hong Kong Monetary Authority revealed that the total amount of renminbi deposits in Hong Kong reached Rmb279.6bn ($42bn) at the end of November, an increase of 29 per cent compared with October and a huge jump of 246 per cent from a year ago.
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