Regulatory Alerts2021-03-05
Added · Updated
Enhanced Currency Conversion Arrangement Involving Onshore RMB (CNY) under Northbound Bond Connect
The Hong Kong Monetary Authority issued this circular on March 5, 2021, to implement an enhanced currency conversion arrangement for onshore Renminbi transactions under the Northbound Bond Connect. The regulatory framework mandates specific reporting requirements for market participants to ensure compliance and transparency in foreign exchange activities. This update is accompanied by annexes detailing frequently asked questions and precise reporting obligations to facilitate the smooth operation of the new conversion mechanism.
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