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HK's RMB pilot plan covers 400 mainland enterprises

(Xinhua)
Updated: 2009-04-12 15:21

HONG KONG - About 400 enterprises in the Chinese mainland have been selected to participate in the Renminbi cross-border trade settlement pilot program, Under Secretary for Financial Services and the Treasury of Hong Kong Julia Leung said here Saturday.

Speaking on a radio talk show here Saturday, Leung said enterprises in Hong Kong will soon be able to settle trades in Renminbi through the banks with the selected companies in the Chinese mainland.

Related readings:  RMB settlement will enhance HK role Yuan settlement trial starts in five cities  Hong Kong companies to issue RMB bonds  Yuan trades will build links with mainland

Noting the program can reduce the risks and cost arising from fluctuations in exchange rates, she said Hong Kong banks can expand extensively their Renminbi services from individual clients to enterprises.

When asked whether the scheme includes trade financing, Leung said authorities in the Chinese mainland will announce the details soon.

"The Monetary Authority has made full preparation for the program including conducting tests on the Renminbi clearing system," Leung noted, adding: "the system can start operation once the Chinese mainland comes up with the operational details."

When asked whether the Hong Kong Special Administrative Region (HKSAR) government will change Hong Kong's linked exchange rate with the US dollar, the under secretary said the system has been working effectively and the HKSAR government has no plan to change it.