Yuan Pact to Benefit Bank of China
July 13, 2010 |11:51 | Banks By : Team X
Bank of China (Hong Kong) stands to benefit long-term from a pact between China and Hong Kong to expand the scope of yuan-based business in the city, Market Talk says. According to a person familiar with the situation, China and Hong Kong plan to sign the agreement next week.
The People’s Bank of China and the Hong Kong Monetary Authority will sign the pact in Hong Kong on Monday, the person added. HKMA Chief Executive Norman Chan said June 18 that the plan will allow banks in the city to introduce yuan-denominated insurance, securities.
And fund products locally amid rising demand for yuan business. Yuan settlements in Hong Kong have increased in recent months after authorities allowed non-mainland Chinese banks and companies to issue yuan-denominated bonds in Hong Kong in February.
0 Comments
Leave a Comment