Bank of China announces yuan trade deal with HK's HSBC
By : BEIJING, July 4 (Reuters) - China's largest foreign exchange bank, the Bank of China (601988.SS)(39
Date posted :2009-07-04 00:47:00
Under rules announced this week, foreign banks will be able to buy or borrow yuan from Chinese mainland lenders to settle trade in Hong Kong and Macau under a pilot scheme. [ID:nPEK31144]
The central bank chiefs of China and Hong Kong signed a memorandum on Monday, paving the way for the scheme, which analysts say is a move to greater international use of the yuan, also called the Renminbi. [ID:nHKG363557]
On Saturday, the Bank of China (BOC) announced on its website (www.boc.cn) that it reached agreements with HSBC and BOC's own separately listed Hong Kong unit (2388.HK) to carry out yuan trade transactions.
"With the signing of these agreements, the Bank of China can begin carrying out cross-border settlements and clearances using Renminbi funds with these banks," said the statement.
It did not detail the size or other details of the deals.
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