PBOC says the move will help meet the yuan investment needs of Hong Kong investors
Non-mainland investors can start to invest in the Chinese mainland interbank bond market via the mainland-Hong Kong bond connect program. This program, known as the “northbound” bond connect, will be operating on a trial basis.
The second phase of the cross-border interbank payment system will be launched in Shanghai to further boost the building of the international financial center there.
The European Central Bank has switched 500 million euros worth of its U.S. dollar reserves to yuan, reflecting the increased use of the Chinese currency and Beijing’s importance as one of the euro area’s largest trading partners, boosting the international role of the Chinese currency.
China Foreign Exchange Trade System (CFETS) and Hong Kong Exchanges and Clearing Limited (HKEX) formed a joint venture company in Hong Kong, Bond Connect Company Limited (BCCL), to support Bond Connect related trading services.
RMB payments decreased by 24.24% compared to March 2017.
People’s Bank of China (PBoC) and Hong Kong Monetary Authority (HKMA) have approved a program that will allow investors operating in Hong Kong to trade in the Chinese bond market.
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