Ministries and commissions to promote cross-border RMB transactions in GBA

Ministries and commissions such as the central bank, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission issued opinions on financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area to promote the development of the offshore RMB market.

Ministries and commissions such as the Central Bank, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission issued opinions on financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area to promote the development of the offshore RMB market.

The opinion supports the development of offshore RMB business in Hong Kong and Macau, strengthens Hong Kong’s global offshore RMB business hub position, and supports Hong Kong in developing more offshore RMB, commodities and other risk management tools.

The Opinion plans to gradually expand the scale and scope of cross-border use of RMB in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the facilitated circulation and exchange of RMB in the Guangdong-Hong Kong-Macao Greater Bay Area.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/15/ministries-and-commissions-to-promote-cross-border-rmb-transactions-in-gba/.

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