日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

US EUROPE AFRICA ASIA 中文
Business / Policy Watch

PBOC ends daily yuan cap for HK residents

By

OSWALD CHAN

(China Daily)
Updated: 2014-11-13 07:00

PBOC ends daily yuan cap for HK residents

The headquarters of the People's Bank of China in Beijing. The central bank will reportedly inject 500 billion yuan ($81 billion) into the nation's largest banks. SHI YAN/CHINA DAILY

The People's Bank of China has abolished the daily 20,000 yuan ($3,260) conversion cap for Hong Kong residents effective Nov 17, the day that the Shanghai-Hong Kong Stock Connect program will be launched, the Hong Kong Monetary Authority said on Wednesday.

Banks will square positions arising from yuan conversions conducted by Hong Kong residents in offshore markets instead of onshore markets. As a result, restrictions for onshore conversion will no longer apply.

The change will allow Hong Kong residents to buy or sell the yuan more freely.

Chief Executive Leung Chun-ying said in Beijing that the move would help Hong Kong maintain its status as an international financial center.

Leung also thanked the HKMA and the city's banking industry for their efforts in securing the new currency exchange arrangement with the mainland.

"The removal of the conversion limits will mean more convenience for local residents to participate in Stock Connect and other yuan transactions," HKMA Chief Executive Norman Chan said during a news conference in Hong Kong.

"The new arrangement will also facilitate the introduction of yuan-denominated investment products by financial institutions in Hong Kong and enhance the city's position as an offshore yuan business center," Chan said.

He said that he believed Hong Kong's yuan liquidity pool, at 1.1 trillion yuan, is large enough to meet projected demand for investing under the Stock Connect program.

The PBOC and HKMA signed the revised clearing agreement on yuan business in July 2010, removing the restrictions on yuan deposit holders transferring cash to buy wealth management products to boost the city's status as an offshore yuan financial hub.

The 20,000 yuan daily conversion limit was not removed at that time.

"This new arrangement is instrumental to the further growth of the Hong Kong offshore yuan center," said Yang Ruhai, head of yuan business at Bank of China (Hong Kong) Ltd, which is a clearing bank for yuan transactions in Hong Kong.

The removal of the cap "will allow customers greater flexibility in meeting their requirements", said Anita Fung, HSBC Holdings Plc's chief executive officer for Hong Kong.

Nixon Chan, executive director and head of retail banking and wealth management at Hang Seng Bank Ltd, a wholly owned unit of HSBC, said: "We plan to launch more yuan investment services and structured products in the near future to meet the wealth management needs of customers."

The Hong Kong Association of Banks, in a statement on Wednesday, called the arrangement "a significant step forward in promoting the internationalization of the yuan".

PBOC ends daily yuan cap for HK residents PBOC ends daily yuan cap for HK residents
PBOC acts to shore up liquidity  PBOC injects $81b into banks 

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 欧美激情精品久久久久久变态 | 国产欧美日韩综合精品一区二区 | 91看片在线观看 | 色婷婷小说 | 国产一级一级毛片 | xxx视频| 亚洲国产成人精品女人久久久 | 日操夜操天天操 | 色综合色狠狠天天久久婷婷基地 | 香蕉久久久久久狠狠色 | 日韩在线观看中文字幕 | 请吃饭的姐姐 | 国产精品无码专区在线观看 | av大片在线| 久久精品麻豆 | 国产在线一区二区 | www.狠狠艹 | 丁香婷婷久久 | 桃色网站入口 | 欧美日韩欧美日韩 | 91欧美精品激情在线观看 | 桃色网站入口 | 成人在线欧美 | 三级理论中文字幕在线播放 | 伊人久久大杳蕉综合大象 | 九九热爱视频精品视频高清 | 精品久久久久久久久久 | 欧美日韩免费在线观看视频 | 久草视 | www.毛片| 国产一区二区三区免费播放 | 九九51精品国产免费看 | 欧美一级www | 欧美一a一片一级一片 | 日韩综合在线视频 | 亚洲免费福利 | 亚洲第一视频网站 | 国产目拍亚洲精品99久久精品 | 97婷婷色| 久久亚洲国产精品五月天婷 | 精品亚洲欧美高清不卡高清 |