Bank of China (HK) to launch yuan repurchase facility
Pedestrians walk past a Bank of China sign outside the bank's headquarters located in the financial district of Beijing October 29, 2009. The Bank of China will announce their third-quarter results on Thursday after draining 13 billion yuan via a sale of one-year bills on Tuesday, and mopping up another 45 billion yuan through 28-day bond repurchase agreements. REUTERS

Bank of China (Hong Kong) will offer securities repurchase and lending facilities for banks in the fast growing offshore yuan market from Monday.

The launch of the repurchase facilities will aid in yuan settlements and pave the way for the introduction of new yuan products and services in Hong Kong, the bank said in a statement released over the weekend.

Bank of China (Hong Kong) was appointed as the clearing bank of yuan banking business in Hong Kong in 2003. It offers yuan clearing services in relation to deposit, exchange, remittance and bank card to participating banks in Hong Kong.

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