Little real progress was QFII RMB account in Hong Kong are not limited to open

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Little real progress was QFII RMB account in Hong Kong are not limited to open Powered By Docstoc
					Little real progress was QFII RMB account in Hong Kong are not limited to open
PRC People's Bank announced yesterday, July 19 has been with Bank of
China (Hong Kong) Limited signed a revised "on the RMB business
clearing agreement." It is reported that Hong Kong banks to open RMB
accounts and financial institutions to provide various services, there will be no
Bank of the specific content of the agreement were not disclosed, but according to
Xinhua News Agency, under the agreement, enterprises and other non-personal
customers will be able in Hong Kong banks to open RMB deposit accounts, but also
between individuals and businesses with each other will be free through the bank line
of RMB funds into the payments and transfers.
Initially, only banks in Hong Kong can offer RMB deposits, exchange, remittance and
credit card services. Then in 2005 to relax the renminbi business to retail, catering and
transport industries in seven designated enterprise customers. In 2007, the Mainland
authorities to allow mainland financial institutions to issue renminbi bonds in Hong
Kong, the scope of renminbi business in Hong Kong to further expand into.
To calculate the cross-border trade, the yuan expansion of the pilot areas, the central
bank the same day with the Hong Kong Monetary Authority signed a
"memorandum of understanding added," will expand bilateral
cooperation related to calculate the experimental cross-border trade expanded RMB
business scope. Hong Kong Monetary Authority must be simplified after the
establishment of risk management limits. Central Bank Deputy Governor Hu Xiaolian
said that the first half of this year, calculate the quality of cross-border reached RMB
70.6 billion yuan, of which 75% share of Hong Kong.
Since the launch of RMB business in Hong Kong in 2004 to go offshore renminbi
business in Hong Kong's banking system has been operating for 6 years.
Currently Hong Kong has become a concern by all offshore renminbi business base.
Hong Kong Monetary Authority statistics show that as at the end of May 2010, the
Hong Kong banking system, Comrade 84.7 billion yuan renminbi deposits, renminbi
business for the 76 authorized institutions.
Expert analysis
Financial products will greatly increase the RMB in Hong Kong
Hang Seng Bank report released yesterday that the discussions, the amendments
remove the financial institutions in Hong Kong to open RMB accounts and personal
RMB account cross-bank transfer of funds restrictions, a series of
Renminbi-denominated financial products will be launched in Hong Kong, including
deposits and loans, insurance, stocks, funds, and financial derivatives. Yesterday, the
Standard Chartered Hong Kong announced the launch of the renminbi on the
deconstruction of financial protection products.
Hong Kong Securities Industry Association, pointed out members of warm days to
pay, which means, the recent Hong Kong the famous "Da QFII",
which in Hong Kong-funded securities companies and fund companies Keyitongguo
Faxing raised RMB yuan Zijin Investment Products A share market, Qi launched With
substantial pause.
Push into RMB in Hong Kong offshore center
Analysts Biao Shi, policies revised to further increase our channels and RMB deposits
in renminbi Touzi quality, step into the places outside the mainland to promote the
RMB in the use of push Ru Tong Shi Zuo Wei of Hong Kong to carry out offshore
renminbi Yewupingtai of Ru Cheng.
But the Hang Seng Bank pointed out that the policy adjustment, the most significant
breakthrough than we will be seeing an offshore renminbi in the interbank market.
When Hong Kong's renminbi in the interbank market operation, the Hong
Kong stock market may be the formation of the yuan and RMB exchange rate market.
Supply and demand of funds by the elements of the renminbi in Hong Kong, and the
market for the exchange rate as the expected impact of future trends, the spot price of
RMB in Hong Kong and the Mainland yuan renminbi interest rates and stock prices
and interest rates, different, and this will provide an important indicator for the
mainland government that the yuan exchange rate movements in the international
market. Intern reporter Suman Li Zhang Peipei
Many institutions rush pushed the yuan Insurance Solution
MUMBAI, Bank of China Life announced the launch of three yuan Solution Paul
Double, Cross Bank in Hong Kong and China Life have teamed up to launch
renminbi overseas life insurance.
Earlier, Bank of Life, Citigroup, HSBC and Wells Fargo Bank (Hong Kong) have
launched the yuan insurance, but subject to the RMB interbank transfer restrictions in
Hong Kong dollars Solution. The Bank of Life announced the product before the
release of the RMB yuan Solution can choose.
BOCOM push overseas in Hong Kong and China Life Insurance Solution is the
renminbi savings products. However, because investment in Hong Kong are not many
channels, the premium will be charged RMB again Kai form of insurance or
reinsurance, investment in fixed assets in the Mainland market.
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