Hong Kong will relax the renminbi daily exchange limit of 20,000 yuan (US$3,268) for local individuals on Nov. 17, when cross-border stock trading begins, Norman Chan, chief executive of the Hong Kong Monetary Authority, said Wednesday.
Chan said the move will make it easier to settle renminbi positions given that the offshore renminbi pool has grown to 1 trillion yuan.
Also, it will help traders in the Shanghai-Hong Kong Stock Connect scheme transact in the Chinese currency.
HKMA said the existing daily cross-border transfer limit of 80,000 yuan will stay.
The long-awaited stock through-train program received the all-clear after Hong Kong Chief Executive Leung Chun-ying met President Xi Jinping in Beijing on Sunday.
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