First yuan investment products offered in Hong Kong
July 26, 2010 Category Finance, Weekly
Standard Chartered and HSBC were the first banks to offer yuan investment products after a landmark agreement between the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) was signed on July 19. The deal signed by HKMA Chief Executive Norman Chan and PBOC Deputy Governor Hu Xiaolian allows Hong Kong financial institutions to open yuan bank accounts and allows individuals to transfer yuan to and from them. This further relaxation of yuan trade is a key step towards allowing Hong Kong-based fund houses to set up yuan investments, brokers to trade yuan bonds and shares for clients, insurance companies to launch yuan policies and companies to raise funds in yuan shares or bonds. Cross-border yuan settlement in the first half of this year reached CNY70.6 billion – nearly 20 times the CNY3.6 billion recorded in the second half of last year – and 75% of it was conducted in Hong Kong, the South China Morning Post reports.
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