Banking

BOC to launch securities sale, repurchase facilities in HK

(Xinhua)
Updated: 2011-02-19 11:19

HONG KONG - Bank of China (Hong Kong)?will launch?securities sale and repurchase facilities to RMB-participating banks on?Feb 21.

The facilities will operate through the central moneymarkets unit to facilitate intraday liquidity management of participating banks in the RMB clearing system.

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Bank of China (Hong Kong) believes the introduction of the facilities will enhance the liquidity of Hong Kong's RMB market, facilitate prompt and efficient RMB settlements, enable the launch of new RMB products and services in the future, and pave the way for the long-term development of the RMB business in Hong Kong.

The bank?was appointed as the clearing bank of RMB banking business in Hong Kong in 2003, and it began to offer RMB clearing services in relation to deposit, exchange, remittance and bank card to participating banks since 2004.