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Four HK banks seek yuan-clearing service.

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| December 04, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Business Daily Update)

Author: Four Hong Kong banks expressed their interest to act as a clearing bank for renminbi business in the SAR to the monetary authority on November 26, the deadline for banks to do so, banking sources said. They are Hong Kong's three note-issuing banks -- Bank of China (Hong Kong), Hongkong and Shanghai Banking Corp (HSBC) and Standard Chartered Bank - and Citibank, sources said. The banks will be required to present detailed proposals to the authorities. Hong Kong banks will be allowed to conduct four types of personal renminbi business starting from next year -- deposits, exchange, remittance and credit cards. One bank will be initially designated to handle the clearing service, which is ...

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