HKMA relaxes RMB bank regulations
Wednesday 18 January 2012 - by Karina Whalley
On Tuesday, the Hong Kong Monetary Authority announced changes to the limit on RMB net open positions and risk management, which will take effect immediately.
"They will help expand the scope of development for offshore RMB business in HK and provide banks with a greater flexibility in RMB asset management," said the HKMA head.
The body also imposed restrictions on some RMB assets as liquid assets when calculating the statutory liquidity ratio, but as the adjustments are "complicated and technical", Chan said the details will be announced at a later date.
The HKMA and the UK Treasury recently announced the launch of a joint private-sector forum aimed to enhance development of offshore renminbi business.
UK chancellor George Osborne said on Monday that he plans to make London the primary offshore centre for trading RMB due to the country's well-suited regulatory structure and developed markets.
|Login||Register||Most read||Most commented|
Will markets in 2012 have a tougher time than 2011?