Regulatory Alerts2014-11-12
Added · Updated
Removal of Limits on RMB Currency Conversions with Hong Kong Residents
The Hong Kong Monetary Authority issued this circular to inform Authorized Institutions that limits on Renminbi currency conversions with Hong Kong residents and Designated Business Customers are removed effective 17 November 2014. Authorized Institutions must now square their RMB conversion positions in the offshore market rather than through the onshore RMB Clearing Bank, eliminating the previous RMB 20,000 per person per day restriction. While domestic RMB business follows usual Hong Kong banking practices, transactions involving cross-border fund flows with the Mainland remain subject to Mainland authorities' rules.
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