(From Xinhua Financial News - China Focus)
BEIJING (XFN) - Hong Kong banks will be allowed to deal in Chinese yuan transactions -- deposits, exchange, credit cards and remittances -- starting Feb 25, Xinhua news agency reported, citing Zhou Xiaochuan, governor of the People's Bank of China (PBoC), the country's central bank.
The agency said the move is aimed at facilitating the economic and trade communications between Hong Kong and the mainland, and to help the back flow of Chinese yuan in Hong Kong to the mainland.
It said it will be the first time that banks outside the mainland are permitted to deal in Chinese yuan business.
Xinhua said …