Regulatory Alerts2010-02-11
Added · Updated
Elucidation of Supervisory Principles and Operational Arrangements Regarding Renminbi Business in Hong Kong
The Hong Kong Monetary Authority issued this circular to elucidate supervisory principles and operational arrangements for Renminbi business following the steady development of cross-border trade settlement since July 2009. Participating Authorized Institutions are permitted to develop RMB-denominated financial services based on Hong Kong regulatory requirements and market conditions, provided these activities do not entail the flow of funds back to the Mainland. The document details specific operational guidelines for deposit-taking, conversion, remittance, lending, bonds, and card services to increase flexibility while ensuring compliance with Mainland rules and anti-money laundering standards.
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