China lets foreign banks access yuan for HK trade

(TheEdge)BEIJING: Foreign banks will be able to buy or borrow yuan from Chinese mainland lenders for the first time to settle trade in Hong Kong and Macau under a pilot scheme steered by the central bank.

The central bank chiefs of China and Hong Kong signed a memorandum on Monday (June 29), paving the way for the scheme, which analysts say is a step toward greater international use of the yuan.

According to detailed rules published today by the People's Bank of China, foreign banks settling imports and exports in yuan in Hong Kong and Macau will be allowed to buy Chinese currency from mainland banks within certain limits.

http://www.theedgemalaysia.com/business-news/17803-china-lets-foreign-banks-access-yuan-for-hk-trade.html

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