Citi Hong Kong has been designated by the Hong Kong Monetary Authority (HKMA) as primary liquidity provider for the offshore renminbi (RMB) market in Hong Kong.
The designation will allow Citi access to a dedicated repo facility of RMB2bn provided by the HKMA, to promote offshore RMB liquidity and facilitate RMB transactions for corporate customers and other financial institutions. This will help expand the offshore RMB market, bring new business opportunities to Hong Kong, and further strengthen Hong Kong’s role as the premier offshore Renminbi centre.
Weber Lo, Citi country officer and chief executive (CEO), Hong Kong & Macau, said: “We are honoured and privileged to be among a select few to be designated as primary liquidity provider for the offshore RMB market in Hong Kong.”
Citi is the first global bank approved to set up presence in the China (Shanghai) pilot free trade zone (SFTZ).
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