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Home > RMB Services > RMB Clearing Bank's Services > RMB Clearing Bank's Services > Development
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Bank of China (Hong Kong) was appointed by the People’s Bank of China (“PBOC”) as the Clearing Bank (“CB”) for Renminbi (“RMB”) business in Hong Kong.
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The CB launched clearing services for personal RMB business in Hong Kong, including deposits, remittance and exchange. RMB bank card clearing service was launched in April of the same year.
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To cater for the expanded scope of RMB business, the CB has developed the RMB Settlement System after consultation with the Hong Kong Monetary Authority.

The offshore RMB Settlement System, the first of its kind in the world, commenced to operate in Hong Kong. Meanwhile, the CB launched RMB personal cheque clearing service.

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Bank of China (Hong Kong) was authorised to continue to serve as the CB for RMB business in Hong Kong by the PBOC. To cater for the bond issuance in Hong Kong by the Mainland financial institutions, the CB has provided RMB deposits, exchange and remittance clearing services to the RMB bond issuers.
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Bank of China (Hong Kong) signed the “Clearing Agreement Between the People’s Bank of China and Bank of China (Hong Kong) Limited in Relation to Renminbi Business” with the PBOC to provide the Participating Banks (“PBs”) with clearing services for trade settlement. Corporations in Hong Kong, Macau and ASEAN countries are eligible to use RMB as the settlement currency for cross-border trade transactions.
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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.

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The CB launched the services of securities sale and repurchase facilities (RMB Repo Facilities) which have been provided to the PBs through the Central Moneymarkets Unit (“CMU”) to facilitate their intraday liquidity management in the RMB Settlement (“RTGS”) System.
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The CB launched the RMB Fiduciary Account Scheme for PBs. The Scheme can effectively reduce the PBs’ counterparty risk exposure to CB in the RMB funds deposit and help promote the long-term development of RMB business in Hong Kong.
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Bank of China (Hong Kong) signed the new “Settlement Agreement on the Clearing of Renminbi (RMB) Businesses” with the PBOC. Under the Agreement, Bank of China (Hong Kong) continues to serve as the CB for RMB Business in Hong Kong, offering impartial, timely, accurate and professional RMB clearing services to all the PBs in Hong Kong and overseas.
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