HKMA Expands RMB Business Facility, Increasing Quota to RMB100 Billion and Adding 40 Participating Banks

HKMA announces total quota allocated for RMB Business Facility and list of participating banks from Phase 2 onwards

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) announced today (December 29) the expanded list of 40 participating banks (see Annex) starting from Phase 2 of the RMB Business Facility (RBF), with the total quota allocated to participating banks increased to RMB100 billion, from RMB50 billion in the previous phase.

As announced by the HKMA on September 26 (please refer to the Circular for more details), starting from Phase 2 of the RBF, the scope of eligible Renminbi (RMB) financing activities has been broadened to cover RMB capital expenditure (capex) and working capital term loans. Such enhancement has been well-received by the banking industry.

Starting from Phase 2, which commenced on December 1, the 40 participating banks can apply for RMB funds from the HKMA within their assigned quota under the RBF, to provide RMB financing to local and overseas corporates in support of the real economy.

The specific quota assigned to each of the 40 participating banks is based on the bank’s existing scale of relevant business, expected pipeline, as well as the geographical reach of its overseas intragroup banking entities, all of which reflect its potential in enhancing Hong Kong’s capacity in channelling offshore RMB funds to the global market. When determining the quota allocation, facility usage of the 24 banks that participated in the previous RMB Trade Financing Liquidity Facility and Phase 1 of the RBF has also been taken into account.

The Chief Executive of the HKMA, Mr Eddie Yue,said, "With the support from the People’s Bank of China, the HKMA will continue to closely monitor the progress of the RBF, and will consider adding more participating banks as appropriate, subject to actual facility usage and market demand, with a view to further promoting the use of RMB in the real economy and fostering the growth of offshore RMB business in Hong Kong."

Terms and operation details of the RBF can be found in the aforementioned Circular.

HKMA, Photo source: reference image

Hong Kong Customs detects suspected case of illegal importing of animal

Hong Kong Customs today (April 2) detected a suspected case of illegal importing of animal at the Lok Ma Chau Spur Line Control Point. A suspected illegally imported dog with an estimated market value of about $20,000 was seized.

Customs officers today intercepted an incoming 64-year-old female passenger at the Arrival Hall of the Control Point. Upon examination, a dog was seized from her rucksack, and she was subsequently arrested.

The case has been handed over to the Agriculture, Fisheries and Conservation Department for follow-up investigation.

Customs reminds the public that importing animals into Hong Kong without a valid permit is an offence.

Under the Rabies Regulation, any person found guilty of illegally importing animals, carcasses or animal products is liable to a maximum fine of $50,000 and imprisonment for one year.

Hong Kong Customs detects suspected case of illegal importing of animal Source: HKSAR Government Press Releases