South China Morning Post
AsiaPac · 11 mins ago
How the RMB Business Facility will help consolidate Hong Kong’s financial role
Hong Kong’s updated yuan financing tool for banks, featuring a quota 150 per cent larger than before, was launched on Friday, giving a significant boost to the use of the Chinese currency in daily global business.
What is the RMB Business Facility?
The RMB Business Facility is a funding window run by the Hong Kong Monetary Authority (HKMA) that allows participating banks to borrow yuan at the relatively cheap Shanghai three-month interbank offered rate, which is about 2 percentage points lower..
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