Date
24 August 2017

HK advisory body calls for end to daily RMB limit, HKEJ says

Hong Kong’s Financial Services Development Council has called for an end to the 20,000 yuan (US$3,300) daily conversion cap for Hong Kong residents, in order to increase the flow of the currency and trading in the offshore market, the Hong Kong Economic Journal reported Monday. Council chairwoman Laura Shih told a Legislative Council meeting that despite challenges from the Shanghai free trade zone, Hong Kong will have an edge as an offshore yuan center, adding that 80 percent of the world’s invoiced trades in the currency are still settled through the banking system in Hong Kong, the report said.

– Contact HKEJ at [email protected]

EL/AC/SK

 

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