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HK to improve cross-border RMB service

07-07-2010 09:33 BJT Special Report:

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Hong Kong's deposits of Renminbi rose to a record high in May this year. And many banks in Hong Kong are planning to offer better services to attract even more cross-border Renminbi depositors.

According to the Hong Kong Monetary Authority, Renminbi deposits rose 4.7 percent month-on-month in May, reaching a record high of 84.7 billion yuan.

Local banks say they'll provide one-stop cross-border Renminbi deposit services. That means a customer only needs to sign related deals, then the banks will transfer the deals to banks in the Chinese mainland. So Hong Kong customers can open a Renminbi account without going to the mainland, and can enjoy a relatively high interest rate.

Furthermore, banks in Hong Kong are also offering preferential commission charges to attract customers.

Lu Zhiwei, Financial Analyst said "Some banks in Hong Kong are helping customers exchange Hong Kong dollars to Renminbi and then remit them to the mainland. Banks can earn from price differences. So banks like this business."

Analysts say the Renminbi one-stop service is just in the initial stage, so its influence on the economy is limited. But it is a real boost for Hong Kong to become an offshore Renminbi center.

Lu Zhiwei said "It is an engine for Hong Kong and its banking industry. Hong Kong is the only place in the world to do the business. "

Analysts also say cross-border Renminbi deposits is relevant to financial policies of both Hong Kong and the mainland, so both sides should try to avoid risks.

Lu Zhiwei said "Banks must clearly check on the customers. It's the most important thing to avoid risks."

The Hong Kong Monetary Authority has called on local banks to be cautious when dealing with cross-border remittance.

Editor:Xiong Qu |Source:

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