HK 'testing' yuan settlement system
11-04-2009
The Undersecretary for Financial Services and the Treasury, Julia Leung, says Hong Kong is testing the yuan settlement system as part of preparations for the renminbi clearing scheme.
This follows the State Council's recent announcement that Shanghai and four Guangdong cities will pilot the yuan trade settlement programme, which will allow overseas firms to complete transactions in yuan.
Hong Kong hopes the scheme will soon expand to cover the territory. Ms Leung said the government and the Monetary Authority are making the necessary preparations to benefit from the scheme's anticipated expansion.
