Watch VideoPlay Video
China's central bank has signed a Supplementary Memorandum of Cooperation, on the expansion of the Renminbi trade settlement scheme with the Hong Kong Monetary Authority.
Both sides have agreed to strengthen cooperation, and further promote Hong Kong's status and role as a Renminbi market platform in the process of developing offshore yuan business outside the Mainland. This is a milestone in the development of offshore Renminbi business in Hong Kong.
In addition, the People's Bank of China and the Renminbi clearing bank, Bank of China, also signed a revised Settlement Agreement on the Clearing of Renminbi Business.