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| No.8 August, 2010 |
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RMB pilot scheme to launch |
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 Hong Kong has become the launch pad for China’s new Renminbi interbank bond scheme.
The landmark scheme will allow approved banks, foreign central banks and monetary authorities outside China to invest in the Mainland's interbank bond market.
The People's Bank of China will clear the way for the Renminbi Clearing Bank and other eligible institutions outside China – including participating Hong Kong banks - to make use of their Renminbi funds to invest in China’s interbank bond market.
The Hong Kong Monetary Authority will liaise with the People's Bank of China on the implementation of the scheme, and will issue a circular to authorised institutions.
The authority's Chief Executive, Norman Chan, said the move would open up a new channel of Renminbi investment for China and develop Hong Kong further as an international centre for the Chinese currency.
"This will further promote the development of Renminbi trade settlement in Hong Kong, and enhance the attractiveness of RMB offshore business in Hong Kong."
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