Simplified reporting of renminbi (RMB) statistics

Our Ref.: B1/15C 2 April 2014 The Chief Executive All Authorized Institutions Dear Sir/Madam, Simplified reporting of renminbi (RMB) statistics In order to streamline the reporting of RMB statistics and to reduce reporting burden on authorized institutions (AIs), the HKMA has consolidated the existing Return of RMB Business Activities MA(BS)16 and the following surveys into a single return:

1. RMB conversions for non-Hong Kong residents
2. RMB remittances for non-Hong Kong residents
3. RMB Correspondent Banking Activities
4. RMB Liquidity Position
5. RMB Trade Position Please refer to the Annex for major simplifications to the existing return. The consolidated return and the Completion Instructions are enclosed as well for your reference. Starting from the position of December 2014, AIs should file the consolidated return according to the required timeline (i.e. within 21 days from the end of each calendar month), and stop reporting surveys 1 to 5 mentioned above. AIs shall download the reporting templates from the HKMA’s private website for the return submission through the STET system. We will inform AIs when the templates are available for downloading nearer the time of the first reporting of the revised return. If you have any question on this letter, please feel free to contact Ms Denise Tai at 2878 1589 or your usual supervisory contacts at the HKMA. Yours faithfully, Henry Cheng Executive Director (Banking Supervision) Encl.

Annex Items consolidated from surveys

1. Deliverable forwards and non-deliverable forwards. Following the merge of these two items, a new item on RMB currency futures is added under “derivatives products” for data completeness.
2. Due to/from banks in Mainland China and other jurisdictions. Following the merge of the data, a memorandum of “Due to/from overseas offices” of the reporting AIs is added to Part A Balance Sheet.
3. Money exchange and remittances for non-Hong Kong residents
4. RMB liquidity position Simplified reporting requirements
5. Replaced the separate reporting of “Due to/from Mainland Correspondent Banks” under Part A Balance Sheet by “Banks in Mainland China”, which covers all banks in Mainland China whether or not they are Mainland Correspondent Banks.
6. Replaced the interim arrangement of including the balance of the Fiduciary Account in “Due from RMB Clearing Bank in Hong Kong” under Part A Balance Sheet by a separate item of “Due from People’s Bank of China”.
7. Removed the confirmation on the provision of major RMB services (i.e. money exchange, remittances, credit cards, loans, current accounts) to customers and engagement in the transactions of negotiable debt instruments under Parts B to G.
8. Moved the money exchange for positions squaring with the RMB Clearing Bank in Hong Kong and Mainland Correspondent Banks from previous Part H Memorandum items to Part B Money Exchange; and removed the reporting of the underlying purposes of the position squaring.
9. Reduced the breakdown of remittances through the RMB Clearing Bank in Hong Kong and Mainland Correspondent Banks under each counterparty to two memorandum items: all remittances and remittances for trade settlement purpose.
10. Under Part E Quality of RMB Assets, clarified that RMB assets include “Loans and advances to non-individuals and individuals” and “Other assets“. The scope of “Other assets” is given in the Completion Instruments.
11. Removed previous Part H Memorandum Items and Part I Certificate of Compliance. Others
12. Added a residual item “Remittances between places not reporting in the above items to Part C RMB Remittances for data completeness.