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).
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.