The Hong Kong Monetary Authority has taken fresh steps to improve renminbi liquidity, a month after a credit crunch in China spread to the city’s banking system.
The HKMA, Hong Kong’s de facto central bank, announced yesterday it would add two additional renminbi lending facilities to its existing seven-day liquidity tap. As of July 26, the HKMA will offer one-day funds, as well as overnight funds in renminbi.
“The HKMA’s introduction of two enhancements to the renminbi liquidity facility will strengthen liquidity management of banks participating in the renminbi business and support further development of Hong Kong as the hub for offshore renminbi business”, said Norman Chan, HKMA chief executive.
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