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BOC Hong Kong authorized as clearing bank for yuan transactions - UPDATE2.
(From Xinhua Financial News - China Focus)
(Updating to add more details of BOC approval, comment from Hong Kong Monetary Authority, BOC responsibilities) BEIJING (AFX-ASIA) - BOC Hong Kong (Holdings) Ltd (HK 2388), the Hong Kong-listed arm of the Bank of China, has been authorized to act as a clearing bank for personal yuan transactions in Hong Kong, fending off competition from five other Hong Kong banks, the Hong Kong Monetary Authority said. The People's Bank of China, the central bank, said the decision to appoint BOC Hong Kong was made following discussions with the Hong Kong Monetary Authority and following a thorough evaluation of the clearing capabilities of …
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