RTTNews - Monday, Governor of the People's Bank of China, Zhou Xiaochuan and Chief Executive of the Hong Kong Monetary Authority, Joseph Yam signed a supplementary Memorandum of Co-operation to prepare for the implementation of the pilot scheme for the use of renminbi in settling cross-border trade transactions between the Mainland and Hong Kong.

The Hong Kong Monetary Authority or HKMA said once the administrative rules are promulgated, banks in Hong Kong would be able to offer related services to firms using renminbi to settle trade transactions with their counterparts on the Mainland.

HKMA's Chief Executive said, With the implementation of the pilot scheme, there will be a further diversification of renminbi business in Hong Kong. This will help enhance the capability of Hong Kong's financial system in handling financial transactions that are denominated in renminbi.

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