Chinese Yuan: PBoC strengthens Hong Kong hub and links – BNY
The post Chinese Yuan: PBoC strengthens Hong Kong hub and links – BNY appeared on BitcoinEthereumNews.com. BNY’s Geoff Yu reports that the People’s Bank of China (PBoC) expanded the Renminbi (RMB) Business Facility and Southbound Bond Connect quotas, boosting Hong Kong’s role as the main offshore yuan hub. The central bank will support more yuan-priced commodities, enhance Gold clearing, and allocate more reserves to Hong Kong, while Governor Pan Gongsheng pledges a supportive stance without signaling imminent rate or RRR cuts. Liquidity boost for offshore RMB market “The PBoC has announced new measures to deepen Hong Kong’s role as the main offshore yuan hub and to widen mainland-Hong Kong financial links.” “The RMB Business Facility will be expanded to ¥500bn, giving Hong Kong banks greater access to yuan liquidity, while the annual Southbound Bond Connect quota will rise to ¥800bn from ¥500bn.” “The central bank also said it will support more yuan-priced commodity products, advance