www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

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: 精品欧美一区二区三区在线 | 亚洲一级毛片中文字幕 | 亚洲人成网址在线观看 | 国产成人毛片毛片久久网 | 怡红院日本一道日本久久 | 三级做人爱c视频18三级 | 九九热视频在线免费观看 | 国产日韩精品欧美一区视频 | 成人欧美日韩高清不卡 | 国产黄网| 亚洲精品欧美精品中文字幕 | 亚洲欧美精品国产一区色综合 | 国产大臿蕉香蕉大视频女 | 日韩一区二区久久久久久 | 亚洲伊人色综合网站亚洲伊人 | 成人影院久久久久久影院 | 中文字幕一区二区在线观看 | 999成人国产精品 | 亚欧色视频在线观看免费 | 国产欧美日韩精品第一区 | 俄罗斯一级黄色片 | 国产精品久久久久久影院 | 亚洲欧美一级久久精品 | 日韩一区二区在线播放 | 99精品网站 | 美女视频免费永久观看的 | 国产免费一区二区在线看 | 最新亚洲精品国自产在线 | 精品中文字幕在线观看 | 国产成人综合91香蕉 | 欧美高清视频在线观看 | 久久精品国产99精品最新 | 色伊人国产高清在线 | 欧日韩美香蕉在线观看 | 亚洲成a人片在线观看中文 亚洲成a人片在线观看中文!!! | 亚洲精品资源在线 | 亚洲欧美久久精品 | 在线看亚洲 | 久久久www成人免费精品 | 国产区精品在线 | 欧美日韩中文字幕在线视频 |