Hong Kong Monetary Authority Appoints 11 Banks as Offshore RMB Primary Liquidity Providers for 2 Years, 11 Banks are Agricultural Bank of China, Bank of China, Bank of Communications, BNP Paribas, China CITIC Bank, China Construction Bank, Citibank, Hang Seng Bank, HSBC, ICBC & Standard Chartered Bank
27th October 2024 | Hong Kong
The Hong Kong Monetary Authority (HKMA) has appointed 11 banks as offshore RMB Primary Liquidity Providers for 2 years (27/10/24). The 11 banks are Agricultural Bank of China, Bank of China, Bank of Communications, BNP Paribas, China CITIC Bank, China Construction Bank, Citibank, Hang Seng Bank, HSBC, ICBC & Standard Chartered Bank. HKMA (25/10/24): “The Hong Kong Monetary Authority (HKMA) announced today (25 October) the designation of eleven banks as Primary Liquidity Providers (PLPs) for offshore renminbi (RMB) market in Hong Kong (i.e. CNH market) for a two-year term, with effect from 27 October 2024 following the expiry of the current term, and the increase in the total amount of RMB liquidity available in the PLP Scheme. The PLPs were selected among the current PLPs and the contributing banks for CNH HIBOR fixing, and are all active participants in the CNH market. The selection was based on a range of criteria, including the institution’s capability in providing CNH funding and making market for CNH instruments, and commitment to using Hong Kong as a global hub for offshore RMB business. As the result of the designations, the total RMB repo facility dedicated to all PLPs will increase from RMB18 billion to RMB20 billion. The expansion of the PLP Scheme will enhance offshore RMB liquidity and is conducive to the continuing development of Hong Kong as the offshore RMB business hub. The HKMA regularly reviews the operation of the scheme and the performance of PLPs and consider the need for refinements, including the number of PLPs and the size of the repo facility.”
“ Hong Kong Monetary Authority Appoints 11 Banks as Offshore RMB Primary Liquidity Providers for 2 Years, 11 Banks are Agricultural Bank of China, Bank of China, Bank of Communications, BNP Paribas, China CITIC Bank, China Construction Bank, Citibank, Hang Seng Bank, HSBC, ICBC & Standard Chartered Bank “
Hong Kong Monetary Authority Appoints 11 Banks as Offshore RMB Primary Liquidity Providers for 2 Years, 11 Banks are Agricultural Bank of China, Bank of China, Bank of Communications, BNP Paribas, China CITIC Bank, China Construction Bank, Citibank, Hang Seng Bank, HSBC, ICBC & Standard Chartered Bank
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