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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1511)	11/18/2003 7:02:00 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

HK, China agree to allow limited yuan business HONG KONG: Hong Kong and China will sign a breakthrough agreement allowing local banks to offer yuan-denominated services to individuals in the territory, Hong Kong leader Tung Chee-hwa said Tuesday. The Hong Kong Monetary Authority and officials from the People’s Bank of China (PBOC) will sign a memorandum of underdstanding here on Wednesday, the territory’s chief executive said. “There will be four types of transactions allowed under the agreement — deposits, renminbi (yuan) exchange, remittances and credit cards,” said Tung, adding that all local licensed banks would be allowed to conduct the business. The measures will implemented progressively from January 1, said Tung. “This is very significant as it means that tourists and businessmen from the mainland can use renminbi credit cards to carry out transactions in Hong Kong,” he said. HK, China agree to allow limited yuan business HONG KONG: Hong Kong and China will sign a breakthrough agreement allowing local banks to offer yuan-denominated services to individuals in the territory, Hong Kong leader Tung Chee-hwa said Tuesday. The Hong Kong Monetary Authority and officials from the People’s Bank of China (PBOC) will sign a memorandum of underdstanding here on Wednesday, the territory’s chief executive said. “There will be four types of transactions allowed under the agreement — deposits, renminbi (yuan) exchange, remittances and credit cards,” said Tung, adding that all local licensed banks would be allowed to conduct the business. The measures will implemented progressively from January 1, said Tung. “This is very significant as it means that tourists and businessmen from the mainland can use renminbi credit cards to carry out transactions in Hong Kong,” he said. dailytimes.com.pk