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To: Arran Yuan who wrote (59897)	1/13/2010 7:32:26 AM
From: elmatador	Read Replies (1) \| Respond to of 218633

No, Not o/n. HK is PRC the clearing house Give you an example. Huawei takes its USD receiveables go to a HK bank and get the USD. Transfer to the accounts of their subcontractors. Subcontractors take that USD and pay for the services they are executing here and the rest they convert to RMB or have an account in HK themselves. Most probably the former. This is possible with HK acting as the clearing house. This is possible because the HK$ is pegged to the USD. If unpegged from USD peg to RMB then this will no longer be possible.