Regulatory Alerts2023-04-28
Added · Updated
Currency Conversion Arrangement Involving Onshore RMB (CNY) under Northbound Swap Connect
The Hong Kong Monetary Authority issued this circular on April 28, 2023, to outline the regulatory framework for currency conversion involving onshore Renminbi under the Northbound Swap Connect mechanism. The document establishes the specific operational requirements and compliance standards that authorized financial institutions must adhere to when facilitating these cross-border currency transactions. It serves as the primary reference for implementing the approved arrangements while ensuring alignment with existing Renminbi business regulations.
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