综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Business / Markets

HK relaxes yuan restrictions

(China Daily) Updated: 2012-07-26 11:42

Hong Kong will let nonresidents purchase an unlimited amount of yuan, as it seeks to defend its position as the global hub for international finance in the currency.

While conversion at the offshore rate will start on Aug 1, buyers will need permission to send the currency into the mainland, Hong Kong Monetary Authority Deputy Chief Executive Eddie Yue told a news conference on Wednesday. The 20,000 yuan ($3,128) daily conversion quota on the city's permanent residents at the onshore rate will remain, and a maximum of 80,000 yuan can be sent into the mainland a day, he said.

Hong Kong's biggest banks have been calling for a relaxation of the restrictions on the city's yuan business as competition from London and Singapore intensifies. The halt in the yuan's appreciation against the US dollar this year has damped appetite among residents for assets denominated in the Chinese currency, with the city's yuan deposits dropping 35 billion yuan in the first five months to 554 billion yuan.

"This will raise Hong Kong's edge in the competition with other financial centers," said Ngan Kim-man, head of the renminbi business strategy and planning department of Hang Seng Bank Ltd.

Yuan conversion

The People's Bank of China has already ruled out the possibility of raising yuan conversion quotas for Hong Kong residents, according to Hu Xiaolian, the central bank's deputy governor on June 30. Allowing nonresidents to buy yuan is feasible "as long as it doesn't involve the onshore yuan", Hu said.

While Hong Kong was selected as the nation's major offshore yuan trading hub under the 12th Five-Year Plan (2011-15), its status is being challenged. UK Chancellor of the Exchequer George Osborne in January called on London to expand its yuan trading. The British capital had 109 billion yuan of customer and interbank deposits and that is "growing strongly", according to an April 18 report by research firm Bourse Consult.

Bloomberg

Hot Topics

Editor's Picks
...
余干县| 高台县| 原平市| 张家口市| 天峨县| 岗巴县| 靖西县| 镇宁| 郁南县| 扎囊县| 邢台县| 阿克| 谢通门县| 巩义市| 突泉县| 图木舒克市| 普定县| 苍山县| 临西县| 静安区| 旬阳县| 太保市| 娱乐| 清水县| 漾濞| 奉化市| 锡林浩特市| 新津县| 项城市| 南阳市| 莎车县| 阜阳市| 苍溪县| 黄大仙区| 安仁县| 天峨县| 阿克| 农安县| 太康县| 广河县| 班玛县|