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China central bank likely to further liberalize yuan business - report: msg#00559
culture.discuss.cia-drugs
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China central bank likely to further liberalize yuan business - report |
http://www.forbes.com/markets/feeds/afx/2005/10/30/afx2307418.html
China central bank likely to further liberalize yuan business - report
10.30.2005, 06:53 PM
BEIJING (AFX) - China's central bank is likely to announce details of
the next phase of liberalization of yuan business that can be done by
Hong Kong lenders during the annual visit to Beijing this week by a
delegation from the Hong Kong Association of Banks (HKAB), the South
China Morning Post reported, citing local bankers.
The Hong Kong-based newspaper said the delegation, led by HKAB chairman
and Bank of China (HK) vice-chairman and chief executive He Guangbei,
and Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong,
will start its four-day visit to the mainland by visiting Shanghai and
then moving on to Beijing.
The paper said that no official agenda has been announced but it is
widely expected that the People's Bank of China will use the visit to
make an announcement on the details of widening the scope of yuan
business.
Bankers believe the central bank may announce that the exchange limit
for yuan depositors would remain unchanged at 20,000 yuan per day while
the limit for non-depositors would be increased to 20,000 yuan from
6,000 yuan, the paper said.
They expect the remittance limit would be raised to 80,000 yuan from
50,000 yuan, and the list of designated merchants would be expanded to
seven industries including telecommunications, travel, education and
medical from three retail industries at present, the paper said.
Some bankers also expect the sum of yuan on deposit in Hong Kong to
double to 40 bln yuan once merchants are allowed to open deposit
accounts. At the end of August, yuan deposits in Hong Kong stood at a
little more than 22 bln yuan.
(1 usd = 8.1 yuan)
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