Offshore RMB Market Developments ‐ Compendium
1.

4 October 2010............................................................................................................................... 3

PBC issues interim measures on issuance of bonds in RMB by international development institutions2.

29 September 2010 ........................................................................................................................ 4

PBC issues measures on administration of RMB settlement accounts opened by offshore institutions
3.

21 September 2010 ........................................................................................................................ 5

HKEx's Chief Executive discusses internationalisation of RMB
4.

16 September 2010 ........................................................................................................................ 5

HKMA advises authorised institutions on selling of renminbi deposit, investment and insurance products
5.

10 September 2010 ........................................................................................................................ 6

HKEx publishes amendments to operational procedures and clearing rules to facilitate trading andsettlement of renminbi‐denominated products
6.

9 September 2010 .......................................................................................................................... 6

SFC issues circular on preparation for trading and settlement of listed renminbi‐denominated products
7.

7 September 2010 .......................................................................................................................... 7

HKMA revises reporting of RMB business data
8.

3 September 2010 .......................................................................................................................... 7

HKMA reminds authorised institutions of SFC circular on listed RMB products
9.

31 August 2010............................................................................................................................... 8

SFC reminds exchange participants to ensure operational readiness for business activities concerning listed
renminbi‐denominated products
10.

17 August 2010........................................................................................................................... 9

HKMA issues guidance to authorised institutions in relation to pilot scheme for Renminbi clearing bank andother eligible institutions to invest in Mainland's interbank bond market
11.

16 August 2010........................................................................................................................... 9

PBC published notice on issues concerning RMB investments in THE intERBANK bond market in THE PRC

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12.

6 August 2010........................................................................................................................... 10

SFC authorises first renminbi‐denominated fund13.

19 July 2010

HKMA publishes circular on RMB business in Hong Kong.................................................................... 1114.

11 February 2010...................................................................................................................... 12

HKMA explains supervisory principles and operational arrangements regarding RMB business in Hong Kong
15.

8 September 2009 .................................................................................................................... 13

HKMA explains simplified arrangements for selling of renminbi sovereign bonds
16.

29 July 2009 .............................................................................................................................. 13

HKMA clarifies treatment of RMB assets and liabilities generated from RMB cross‐border trade settlement
for calculation of liquidity ratio
17.

6 July 2009 ................................................................................................................................ 14

HKMA issues circular to AIs providing guidance on RMB cross‐border trade settlement18.

29 Jun 2009............................................................................................................................... 14

HKMA and PBC sign RMB supplementary pact

NB:
AN ELECTRONIC COPY OF THIS COMPENDIUM AND LINKS TO THE ITEMS SET OUT
IN THIS COMPENDIUM CAN BE ACCESSED AT:
http://www.asifma.org/docs/Offshore‐RMB‐Market‐Developments‐
Compendium.pdf

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1.

4 OCTOBER 2010
PBC ISSUES INTERIM MEASURES ON ISSUANCE OF BONDS IN RMB BY
INTERNATIONAL DEVELOPMENT INSTITUTIONSThe People's Bank of China (PBC) has promulgated the 'Interim Administrative Measures on
Issuance of Bonds in RMB by International Development Institutions', which amend an earlier
version dated 18 February 2005. Amongst other things, the definition of international development
institution (IDI) has been expanded to include multi‐lateral, bilateral and regional international
development institutions providing development loans and investments. However, the definition of
the bonds in RMB issued by an IDI (IDI RMB Bonds) remains the same i.e. they are bonds
denominated in RMB issued by an IDI in the People's Republic of China, principals and interest ofwhich are to be repaid within a certain period of time.
In recognition of the cross‐border features of the IDI RMB Bonds, the State Administration of
Foreign Exchange (SAFE) has been added to the original approval authorities (the PBC, the Ministryof Finance, the National Development and Reform Commission, and the China Securities Regulatory
Commission). The issuance of IDI RMB Bonds must ultimately be approved by the State Council.
Amongst other things, the eligibility criteria of an IDI under the new interim measures include that:•

the IDI RMB Bonds to be issued must be graded as 'AA' by two rating firms (one of which must
be incorporated in China and has the capability to rate RMB bonds);•

the IDI has provided over USD 1 billion in loan or equity to Chinese domestic projects andenterprises, unless exempted by the State Council; and•the proceeds should first be used to provide middle and long term fixed assets loans or equity
to Chinese domestic enterprises.

The proceeds of IDI RMB Bonds can be directly remitted offshore pursuant to regulations of the
PBC, or converted into foreign currency for offshore use with SAFE approval (in which case, the IDI
must report the true purpose of the conversion for offshore use, and periodically file with SAFE as
to the utilisation of the proceeds).
To repay the principal and interest of IDI RMB Bonds, the IDI may elect to remit RMB from offshore
upon filing with PBC, or to remit foreign currency from offshore and convert it into RMB with SAFE
approval.
After issuance, IDI RMB Bonds can be traded in China with approval. The issuance and default of
IDI RMB Bonds shall be governed by Chinese law.
The Interim Measures (Chinese)
国际开发机构人民币债券发行管理暂行办法
http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2010/20100930144622583961548/201009301
44622583961548_.html

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2.

29 SEPTEMBER 2010
PBC ISSUES MEASURES ON ADMINISTRATION OF RMB SETTLEMENTACCOUNTS OPENED BY OFFSHORE INSTITUTIONSThe People's Bank of China (PBC) has promulgated the 'Measures on Administration of RMB Bank
Settlement Accounts opened by Offshore Institutions'. The Measures apply to RMB banksettlement accounts opened by institutions duly incorporated outside China (including Hong Kong,
Macau and Taiwan) (referred to as Offshore Institutions) with Chinese‐funded banks or foreign‐
funded banks in China that are licensed to handle domestic and foreign settlements (referred to as
Banks). The Measures do not apply to RMB bank settlement accounts opened by foreign central
banks (monetary authorities), inter‐bank accounts opened by foreign commercial banks for the
purpose of providing RMB clearing and settlement services, RMB special accounts opened by QFIIs
for the purpose of securities investment, or RMB special accounts opened by foreign institutions
for the purpose of investing in onshore inter‐bank bonds market.
Amongst other things, under the Measures:•

offshore Institutions are permitted to open RMB bank accounts with the Banks for the purposeof paying and receiving RMB funds, and using such accounts to carry on various cross‐border
RMB business;•

opening RMB bank settlement accounts shall be approved by local branches of the PBC, and an
applicant shall submit the following documents to a local branch of the PBC through a Bank it
designates:oan account opening application letter;othe relevant documents evidencing that the applicant is duly incorporated offshore; andothe laws, regulations or government approvals upon which it carries on relevant business in
China;•

Offshore Institutions may not use their RMB bank settlement accounts to handle cash businesswithout approval from the PBC; and•the RMB funds in the RMB bank settlement accounts may not be converted into foreignexchange, unless explicitly permitted otherwise in the relevant regulations.

The Measures (Chinese)
境外机构人民币银行结算账户管理办法
http://www.pbc.gov.cn/publish/zhifujiesuansi/1067/2010/20100929154441253564114/20100929
154441253564114_.html

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3.

21 SEPTEMBER 2010
HKEX'S CHIEF EXECUTIVE DISCUSSES INTERNATIONALISATION OF RMB
The Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEx), Charles Li, has given a
speech covering six key questions about the internationalisation of the Renminbi (RMB).
Internationalisation of the RMB has been one of the hottest topics in Hong Kong's financial markets
recently, and is also a major component of HKEx’s 2010‐2012 Strategic Plan.
The six questions discussed by Mr. Li are:•why there is a need to internationalise the RMB;•

whether RMB internationalisation is feasible and realistic in the current environment;•

what the likely roadmap of development is;•

why Hong Kong can be an offshore RMB centre in this development;•

what the commercial opportunities that are potentially available to Hong Kong are; and•what Hong Kong needs to do to prepare itself.

Speech ‐ Six Questions Regarding the Internationalisation of the Renminbi
http://www.hkex.com.hk/eng/newsconsul/speech/2010/sp100920.htm

4.

16 SEPTEMBER 2010
HKMA ADVISES AUTHORISED INSTITUTIONS ON SELLING OF RENMINBIDEPOSIT, INVESTMENT AND INSURANCE PRODUCTS
While Hong Kong Monetary Authority (HKMA) has issued a circular advising authorised institutions(AIs) on the selling of renminbi (RMB) deposit, investment and insurance products. The circularreminds AIs to ensure that the specific nature and risks of such products are adequately taken into
account in the product due diligence process and the suitability assessment of customers. It further
notes that while a low risk rating may be assigned to sovereign RMB bonds given the specificproduct nature and lower risks involved, a higher risk rating may be required for RMB products
involving more complex structures and higher risks.
While the circular focuses on the disclosure of the nature and risks of RMB products to customers,
it also reminds AIs that it is important for them to take all reasonable steps to ensure that the
proposed transaction is suitable for the customer, having regard to the customer’s own personal
circumstances together with the nature and risks of the product when making any solicitation,
recommendation or advice.
Circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100916e1.pdf

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5.

10 SEPTEMBER 2010
HKEX PUBLISHES AMENDMENTS TO OPERATIONAL PROCEDURES AND
CLEARING RULES TO FACILITATE TRADING AND SETTLEMENT OFRENMINBI-DENOMINATED PRODUCTS
Hong Kong Exchanges and Clearing Limited (HKEx) has published amendments to the Central
Clearing and Settlement System (CCASS) operational procedures, which are intended to enable
operational readiness for the clearing and settlement of renminbi (RMB)‐denominated transactionsin CCASS. HKEx has also published amendments to the Option Clearing Rules, which are designed toenable the clearing of RMB‐denominated products by SEHK Options Clearing House Limited (SEOCH)
to accept RMB as margin collateral for SEOCH transactions. The amendments became effectivefrom 13 September 2010.
CCASS procedural amendments
http://www.hkex.com.hk/eng/rulesreg/clearrules/clrruleupdate_ccassop/Documents/29‐10‐
CCASSOP‐RMB_e.pdf
SEOCH rules amendments
http://www.hkex.com.hk/eng/rulesreg/clearrules/clrruleupdate_ocr/Documents/31‐10‐OCR‐
RMB_e.pdf

6.

9 SEPTEMBER 2010
SFC ISSUES CIRCULAR ON PREPARATION FOR TRADINGSETTLEMENT OF LISTED RENMINBI-DENOMINATED PRODUCTS

AND

Further to its circular dated 31 August 2010 on the operational readiness for business activities
concerning listed renminbi (RMB)‐denominated products, Securities and Futures Commission (SFC)
has reminded participants of Stock Exchange of Hong Kong (SEHK) of Hong Kong Monetary
Authority (HKMA)'s circular dated 3 September 2010 on the preparation for the trading andsettlement of listed RMB denominated products.
SFC has advised brokers to take note of the restrictions on RMB lending by banks as set out in
HKMA’s circular. In addition, SFC has reminded brokers to set up RMB credit facilities with theirclearing banks as soon as possible if needed, so as to facilitate the trading and settlement of listed
RMB‐denominated products in the near future.
SFC circular
http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H599
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100903e1.pdf

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7.

7 SEPTEMBER 2010
HKMA REVISES REPORTING OF RMB BUSINESS DATA
Hong Kong Monetary Authority (HKMA) has revised the Return of Renminbi Business Activities(MA(BS)16) to take account of the latest development with regard to RMB business in Hong Kong,
following consultations with two industry associations. The revised return and completion
instructions are attached to the circular.
HKMA has indicated that all authorised institutions (AIs) are required to file the revised return
starting from the position of September 2010 in accordance with the usual time table, i.e. within 21
days from the end of each calendar month. The HKMA will notify the AIs when the electronic
version of the revised return is available on its website.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100907e1.pdf

8.

3 SEPTEMBER 2010
HKMA REMINDS AUTHORISED INSTITUTIONS OF SFC CIRCULAR ON
LISTED RMB PRODUCTS
Hong Kong Monetary Authority (HKMA) has issued a circular to draw the attention of authorised
institutions (AIs) to a previous circular issued by Securities and Futures Commission (SFC Circular)
on 31 August 2010. The SFC Circular advised intermediaries to ensure their readiness for the
trading and settlement for future launches of listed renminbi (RMB) denominated products.
HKMA has indicated that AIs planning to engage in the trading and settlement of listed RMB
products should implement proper controls and necessary operational and system changes. In
addition, it reminded AIs (that plan to provide customers with RMB loan facilities in order tofacilitate their investment in such products) that RMB lending to personal customers anddesignated business customers (DBCs) is currently not permissible. HKMA has further indicated thatwhile AIs are permitted to extend RMB loans to corporate customers including other financial
intermediaries, they should take reasonable steps to ascertain that such loans will not in turn belent by the corporate customers concerned to personal customers and DBCs.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100903e1.pdf

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9.

31 AUGUST 2010
SFC REMINDS EXCHANGE PARTICIPANTS TO ENSURE OPERATIONALREADINESS FOR BUSINESS ACTIVITIES CONCERNING LISTED RENMINBIDENOMINATED PRODUCTS
Securities and Futures Commission (SFC) has issued a circular to remind participants of Stock
Exchange of Hong Kong Limited (SEHK) to ensure operational readiness for business activities
arising from potential listing of products denominated in renminbi (RMB).
Amongst other things, exchange participants are advised to:•arrange with the SEHK and Hong Kong Securities Clearing Company Limited (HKSCC) to test thecapability of their trading and clearing systems;•

review the readiness of their front office, back office and internet trading systems;•

arrange with their clearing banks to open RMB bank accounts as soon as possible; and•establish effective operating and risk management controls to prudently manage liquidity andexchange rate risks when conducting RMB denominated business.

SFC circular
http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H597

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17 AUGUST 2010
HKMA ISSUES GUIDANCE TO AUTHORISED INSTITUTIONS IN RELATIONTO PILOT SCHEME FOR RENMINBI CLEARING BANK AND OTHERELIGIBLE INSTITUTIONS TO INVEST IN MAINLAND'S INTERBANK BOND
MARKET
Hong Kong Monetary Authority (HKMA) has issued guidance to authorised institutions (AIs) in
relation to the pilot scheme promulgated by the People’s Bank of China (PBC) for the Renminbi(RMB) clearing bank and other eligible institutions outside the Mainland to make use of their RMB
funds to invest in the Mainland’s interbank bond market.
Under the pilot scheme and the HKMA guidelines, all AIs engaging in cross‐border RMB trade
settlement can, with approval from the PBC, participate in the interbank bond market in the
Mainland through a settlement agent. HKMA has indicated that AIs engaging in this activity should
apply to the PBC directly and comply with the applicable rules and regulations of the Mainland. It
has further indicated that AIs should note that they cannot execute transactions in the Mainlandinterbank bond market with a counterparty which is a group company of the AI itself. HKMA
expects AIs to put in place effective policies and procedures as well as proper internal control
systems to ensure compliance with the relevant rules and regulations. HKMA also expects AIs that
apply to the PBC to participate in the interbank bond market keep it informed of the progress of
the applications.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100817e2.pdf
HKMA press release
http://www.info.gov.hk/hkma/eng/press/2010/20100817e4_index.htm

11.

16 AUGUST 2010
PBC PUBLISHED NOTICE ON ISSUES CONCERNING RMB INVESTMENTS IN
THE INTERBANK BOND MARKET IN THE PRC
The People`s Bank of China (PBC) has published a notice on relevant issues in relation to RMB
investments by three kinds of institutions in the interbank bond market in the PRC on a pilot basis.
The Notice has been issued in conjunction with the pilot programme of using RMB to settle cross‐border trades and is intended to further facilitate and widen the channels for the backflow ofoffshore RMB.
Amongst other things, the notice includes the following provisions:•the three kinds of competent institutions are offshore central banks or currency authorities(referred to as Offshore Central Banks), RMB clearing banks in Hong Kong and Macau (referred
to as RMB Clearing Banks), and offshore participating banks for RMB settlement of cross‐border
trades (referred to as Offshore Participating Banks) (referred to as collectively Offshore
Institutions);

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•

RMB funds that are permitted to invest in the interbank bond market shall come from currency
cooperation between central banks, cross‐border trades and investment in RMB business;•

Offshore Central Banks and RMB Clearing Banks may entrust the interbank bond market
settlement agents which have the capability of conducting international settlement business totrade and settle bonds. They may also apply to open a bonds account with China Central
Depository & Clearing Co., Ltd. directly and complete the relevant procedures with the National
Interbank Funding Center;•

Offshore Participating Banks shall entrust interbank bond market settlement agents which havethe capability of conducting international settlement business to trade and settle bonds;•

Offshore institutions shall open RMB special accounts for the funds settlement of bondtransactions – each institution is only permitted to open one RMB special account; and•Offshore institutions can only make investments within their approved quota but are notpermitted to trade bonds with their affiliate enterprises.

The Notice also applies to other offshore financial institutions that participate in cross‐borderservices settled by RMB on a pilot basis and use RMB funds to invest in the interbank bond market.
The PBC notice (Chinese)
中国人民银行关于境外人民币清算行等三类机构运用人民币投资银行间债券市场试点有关事宜的通知
http://www.pbc.gov.cn/publish/jinrongshichangsi/284/2010/20100910120504005429889/201009
10120504005429889_.html

12.

6 AUGUST 2010
SFC AUTHORISES FIRST RENMINBI-DENOMINATED FUND
Securities and Futures Commission (SFC) has authorised the first fund denominated in renminbi(RMB) for sale to retail investors in Hong Kong under the enhanced product authorisation regime.
SFC has indicated that it has been working closely with industry participants to enable theintroduction of RMB‐denominated investment products to support the initiative to develop Hong
Kong into an offshore RMB centre. SFC anticipates that as the RMB becomes more popular andwidely held outside the Mainland, the demand for RMB‐denominated investment and financial
products will grow. SFC believes that Hong Kong’s role is to make these products available and to
manage the corresponding risks.
SFC press release
http://www.sfc.hk/sfcPressRelease/EN/sfcOpenDocServlet?docno=10PR92- 10 -

13.

19 JULY 2010
HKMA PUBLISHES CIRCULAR ON RMB BUSINESS IN HONG KONG
Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBC) have signed a
Supplementary Memorandum of Co‐operation on the expansion of the Renminbi (RMB) trade
settlement scheme. The PBC and the RMB clearing bank have also signed a revised settlementagreement on the clearing of RMB businesses (referred to as the Clearing Agreement).
In this context, HKMA has issued a circular to draw the attention of authorised institutions (AIs) to
the key amendments made by the revised Clearing Agreement and to set out supervisory guidance
to AIs participating in RMB business. Amongst other things, the key changes to the Clearing
Agreement include that:•

there will no longer be any restrictions on establishing RMB accounts and transferring RMB
funds (including cheque payments in Hong Kong) between different accounts for personalcustomers and designated business customers, whether within the same AI or not; and•AIs can open RMB deposit accounts for any corporate customers for general purposes subject
to usual banking practices and requirements in Hong Kong.

HKMA expects participating AIs to have a clear understanding of the contractual terms in theiragreements with the RMB clearing bank or Mainland China correspondent banks. AIs are also
expected to establish internal guidelines on the new scope of RMB business to elaborate on theoperating systems and procedures, or revise existing guidelines as appropriate. These should besubmitted to HKMA within one month.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100719e1.pdf- 11 -

14.

11 FEBRUARY 2010
HKMA EXPLAINS SUPERVISORY PRINCIPLES AND OPERATIONALARRANGEMENTS REGARDING RMB BUSINESS IN HONG KONG
HKMA has issued a circular to explain the supervisory principles and operational arrangements
regarding renminbi (RMB) business in Hong Kong. The supervisory principles for cross‐border flows
of RMB funds are:•cross‐border flows of RMB funds into and out of Mainland China should comply with the rules
and requirements of the Mainland China; and•with regard to the RMB funds that have flowed into Hong Kong, participating authorized
institutions (AIs) can develop RMB businesses based on the regulatory requirements andmarket conditions in Hong Kong, as long as these businesses do not entail the flow of RMB
funds back to Mainland China.

The supervisory principles should be applied to the day‐to‐day operations of participating AIs suchas deposit‐taking, RMB conversions, RMB remittances to and out of Mainland China, lending, RMB
bonds and cheque and credit card services accordingly.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20100211e1_index.htm- 12 -

15.

8 SEPTEMBER 2009
HKMA EXPLAINS SIMPLIFIEDRENMINBI SOVEREIGN BONDS

ARRANGEMENTSFORSELLINGOF

Hong Kong Monetary Authority (HKMA) has issued a circular to explain the simplified arrangements
for selling renminbi (RMB) sovereign bonds, which was launched in Hong Kong on 28 September
2009. The co‐arrangers consider that the features and risks of RMB sovereign bonds are notdifficult for an average investor to understand and have therefore proposed simplified
arrangements for the sales of these bonds. The arrangements have been formulated inconsultation with Hong Kong Securities and Futures Commission (SFC) to ensure consistency withthe principles of the suitability requirements in the Code of Conduct for Persons Licensed by orRegistered with SFC. In the circular, HKMA explains, amongst other things:•

the client risk profiling process;•the simplified selling process;•the arrangement of selling through non‐designated areas in branches; and•the arrangement of selling through other distribution channels.

In addition, the circular addresses the treatment of transactions involving vulnerable customers,
tenor mismatch or high asset concentration.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20090907e1_index.htm

16.

29 JULY 2009
HKMA CLARIFIES TREATMENT OF RMB ASSETS AND LIABILITIESGENERATED FROM RMB CROSS-BORDER TRADE SETTLEMENT FOR
CALCULATION OF LIQUIDITY RATIO
Hong Kong Monetary Authority (HKMA) has issued a circular to clarify the treatment of Renmibi(RMB) assets and liabilities generated from RMB cross‐border trade settlement for the purposes ofcalculating the liquidity ratio. Participating authorised institutions can, pursuant to therequirements set out in the Fourth Schedule to the Banking Ordinance, include these RMB assets
and liabilities in the calculation of the liquidity ratio, provided the amount of RMB assets reported

as liquefiable assets in the Return of Liquidity Position (MA(BS)1E) is limited to 25% of thequalifying RMB liabilities in the Return.
HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20090729e1_index.htm- 13 -

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6 JULY 2009
HKMA ISSUES CIRCULAR TO AIS PROVIDING GUIDANCE ON RMB CROSSBORDER TRADE SETTLEMENT
Following the promulgation of the administrative rules on Renminbi (RMB) cross‐border trade
settlement by the People's Bank of China (PBC) on 1 July 2009, Hong Kong Monetary Authority(HKMA) has issued a circular setting out its supervisory guidance to authorised institutions (AIs)participating in RMB cross‐border trade settlement. The circular covers, amongst others, thefollowing:•

eligibility of restricted licence banks and deposit‐taking companies to become participating AIs;•

the two approaches to conduct RMB cross‐border trade settlement business, ie through theclearing bank and through correspondent banks in the Mainland China;•

the participating AIs' scope of RMB business services and RMB funding;•the importance for the participating AIs to set up internal control systems to ensure compliancewith the relevant RMB clearing and settlement agreements; and•the exchange rate and liquidity risks involved in RMB business.

HKMA circular
http://www.info.gov.hk/hkma/eng/guide/circu_date/20090706e1.htm

18.

29 JUN 2009
HKMA AND PBC SIGN RMB SUPPLEMENTARY PACT
Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBC) have signed a
supplementary Memorandum of Co‐operation to prepare for the implementation of the pilot
scheme for the use of renminbi (RMB) in settling cross‐border trade transactions between
Mainland China and Hong Kong. The PBC and HKMA have been working closely on theimplementation of the pilot scheme, including the related arrangements for the cross‐border
settlement and clearing of RMB funds and amendments to the existing legal documents, eg theclearing agreement for RMB business in Hong Kong. Once the relevant administrative rules in
Mainland China are promulgated, banks in Hong Kong will be able to provide services to enterprises
using RMB to settle trade transactions with their counterparts on the Mainland.
HKMA press release
http://www.info.gov.hk/hkma/eng/press/2009/20090629e3_index.htm- 14 -