(From Asia Pulse)
BEIJING, Dec 26 Asia Pulse - The People's Bank of China (PBOC),or the central bank, Wednesday authorized the Bank of China Hong Kong (BOCHK) to act as a clearing bank for individual RMB yuan business in Hong Kong.
The Hong Kong Monetary Authority (HKMA) also said Wednesday it had been notified by the PBOC of its decision to appoint BOCHK as the clearing bank for RMB yuan business in Hong Kong for a term of three years.
The central bank signed a cooperation memorandum for conducting renminbi (RMB) business in Hong Kong with HKMA on Nov. 19.
Licensed banks in Hong Kong will be permitted to conduct yuan services confined to …