GOV.cn reports on Signing of Revised Agreement for Chinese RMB Business in HK
GOV.cn reports that the People's Bank of China , or the central bank, and Hong Kong's renminbi clearing bank, Bank of China (Hong Kong) Limited, on July 19, 2010 signed a revised Settlement Agreement on the Clearing of Renminbi Businesses…
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in Hong Kong. As a result of the agreement, "there will no longer be restrictions on banks in Hong Kong in establishing renminbi accounts for and providing related services to financial institutions; and individuals and corporations will be able to conduct renminbi payments and transfers through the banks."