OCBC, Bangkok Bank, First Abu Dhabi join Hong Kong's US$14 billion offshore yuan scheme [Yahoo! Finance]
BANGKOK BANK UNSP/ADR (BKKLY)
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Source: Yahoo! Finance
the Hong Kong Monetary Authority's (HKMA) expanded yuan liquidity facility, underscoring the city's push as a global offshore renminbi (RMB) business hub. The HKMA said on Monday it had doubled the quota it allocated to banks under the Renminbi Business Facility to 100 billion yuan (US$14 billion) from December 1, the maximum allowed under the scheme. The number of lenders under the programme expanded to 40 from 25, with each receiving a quota according to their client base and demand, the HKMA said. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. This marked the first time Middle East banks joined the scheme. First Abu Dhabi Bank is the largest bank in the United Arab Emirates. Eddie Yue says more banks may be included in the scheme, depending on demand. Photo: Karma Lo alt=Eddie
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