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| With our extensive cross border network, a team of professionals in cross-border trades and knowledge about the regulatory requirement both in Hong Kong and the Mainland, BOCHK is committed to providing you with a diverse range of RMB products and comprehensive financial services. BOCHK’s RMB services, ably supported by our parent bank in the Mainland, are definitely your premier choice! |
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 The Development of HK and Offshore RMB Business |
| CNY HIBOR |
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The Development of HK and Offshore RMB Business |
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| 14 Dec 2003 |
BOCHK was appointed by the People's Bank of China ("PBOC") as the sole RMB Clearing Bank for banks in Hong Kong in conducting personal RMB business, indicating the first step towards internationalisation of RMB in overseas markets.
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| 1 Jul 2009 |
The PBOC and other five supervisory units in the Mainland of China jointly issued the "Implementing Rules of the Administrative Measures for Piloting Cross-Border Trade Settlement in RMB" to formally launch cross-border RMB trade settlement pilot scheme ("Pilot Scheme") in a few designated cities in the Mainland ( including Shanghai and four other cities in Guangdong Province, namely Shenzhen, Guangzhou, Dongguan and Zhuhai) and certain offshore regions (including Hong Kong, Macau and the ASEAN) .
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| 11 Feb 2010 |
Hong Kong Monetary Authority ("HKMA") released "Elucidation of Supervisory Principles and Operational Arrangements Regarding RMB Business in Hong Kong", which enhanced operational efficiency and flexibility for Hong Kong and offshore RMB businesses and facilitated RMB trade and investments among enterprises.
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| 22 Jun 2010 |
PBOC and the five supervisory units in the Mainland issued a notice on the extension of regions for the implementation of Pilot Scheme. Within the Mainland, the Pilot Scheme covered 20 provinces, autonomous regions and municipalities including Shanghai, Guangdong, Beijing, Fujian, Hubei, Jiangsu, Shandong, Sichuan, Tianjin, Zhejiang, Chongqing, Guangxi, Hainan, Heilongjiang, Inner Mongolia, Jilin, Liaoning, Tibet, Xinjiang and Yunnan in the Mainland. Outside the Mainland China, the coverage of the scheme has been expanded from Hong Kong, Macau and the ASEAN countries to all overseas countries and regions.
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| 19 Jul 2010 |
PBOC and BOCHK signed a revised "Settlement Agreement on the Clearing of Renminbi Business", which expanded the scope of RMB business (RMB account opening, exchange, remittance and transfer) in Hong Kong and overseas, thus further facilitating the RMB investment and trade.
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| 17 Aug 2010 |
The PBOC released "Circular on Matters Relevant to the Pilot Project for Investment in the Interbank Bond Market with Renminbi by Three Types of Organisations Such as Overseas Renminbi Clearing Banks", announced that participating offshore banks are permitted to invest CNY liquidity in onshore bonds (but each bank is subject to the Qualified Foreign Institutional Investor quota), hence qualified institutions can acquire higher-yielding CNY-denominated assets for offshore clients.
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| 6 Dec 2010 |
PBOC and the five supervisory units in the Mainland issued a notice on the expansion of Pilot Import Enterprises for the Cross-border Trade Settlement in RMB scheme, in which the number of enterprises has increased from 365 to 67,359, providing a new opportunity for the Cross-border Trade Settlement in RMB scheme to develop further.
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| 23 Dec 2010 |
HKMA released a notice on "Renminbi (RMB) Cross-border Trade Settlement and Net Open Position" which provides further guidelines for the participating banks in Hong Kong to operate cross-border trade settlement related RMB business based on the local RMB market conditions.
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| 6 Jan 2011 |
PBoC released the circular on "Administrative Measures for the Pilot RMB Settlement of Outward Direct Investment(ODI)", not only providing a guideline for the Financial Institutions both offshore and onshore to conduct Outward Direct Investment practice, but also supplying a platform for the RMB capital account projects to develop healthily and steadily.
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In general, you can enjoy a comprehensive range of financial services for your RMB funds, similar to other foreign currencies like HKD and USD upon the condition that it does not involve funds flowing into the Mainland. Inward and outward RMB funds transfer to and from the Mainland has been extended to all the trades of goods, services, current transfers, ODI-related capital account transfers and other current account transactions authorised by the Mainland authorities. |
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