|Bank of China (Hong Kong) signed the “Agreement on Provision of Clearing Service for Renminbi (RMB) Cashnotes Business for Taiwan” with the PBOC. According to the Agreement, Bank of China (Hong Kong) was authorised as the CB of RMB banknotes business for Taiwan to offer the services of supplying and repatriation of RMB banknotes to the Taiwan Region.
Bank of China (Hong Kong) signed the revised “Settlement Agreement on the Clearing of Renminbi Businesses” with the PBOC. Following the revision of the Settlement Agreement, the scope of RMB business clearing service has been extended from Hong Kong, Macau and ASEAN countries to other regions over the world. The PBs of Hong Kong and overseas can provide, subject to their respective local regulations and market demands, RMB services to various corporate and institutional customers. As for personal RMB business, wider use of RMB funds has been allowed in Hong Kong. Overseas markets other than Hong Kong and Macau can also conduct different types of personal RMB business according to their respective local regulations.
Under the revised Settlement Agreement, cross-border flows of RMB funds remain regulated by the rules and requirements in the Mainland of China, to ensure the development of RMB businesses in overseas markets in an orderly manner.