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HKMA Invites Banks to Evaluate RMB Trade Financing Biz: Rumor
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In January, the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC) announced new measures to deepen financial cooperation between Hong Kong and mainland China, including the introduction of an RMB Trade Financing Liquidity Facility, under which the HKMA will provide banks in Hong Kong with a stable source of relatively lower-cost RMB funds to support banks in providing RMB trade finance services to enterprises. It was learnt that, since the announcement of the measures, the HKMA separately met with banks to collect their views on the measures and requested banks interested in utilizing the measures to submit business assessments. Market participants estimated that banks might need to apply for a quota before they could make use of the RMB Trade Financing Liquidity Facility. The total new facility has a total size of RMB100 billion, and the HKMA will offer 1-month, 3-month and 6 month RMB funds, with interest rates referencing onshore interest rates plus a spread. AAStocks Financial News |
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