China & HK team up in yuan-based trade

17 July 2009 @ 06:47 pm EDT

China's mainland and Hong Kong are transferring key personnel of its central bank, State Administration of Foreign Exchanges(SAFE) and Hong Kong Money Athority (HKMA), in an effort to promote the cross-border yuan trade and accelerate the process of yuan's internationalization.

Yi Gang, a former deputy governor of the People's Bank of China (PBOC), or the central bank, was appointed as the new head of SAFE, while SAFE's formal head Hu Xiaoliao became a deputy governor of the central bank, according to statements on the websites of SAFE and the central bank on Friday.


China & HK team up with new faces for yuan trade
A woman walks past a renminbi symbol at a bank in Hong Kong April 9, 2009. The start of yuan trading settlement in Hong Kong soon will underpin the city`s status as an international financial centre but will not affect its currency peg with the U.S. dollar, Chief Executive Donald Tsang said on Thursday.
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