Bank of China Hong Kong announced today that it will extend the cross-boundary clearing service hours for renminbi clearing banks starting from Dec. 23. Through the Hong Kong Renminbi Real Time Gross Settlement System and the RMB Faster Payment System, the bank will provide 24-hour instant cross-boundary RMB clearing services from Monday to Friday, enhancing Hong Kong's position as an offshore RMB business hub.
The Hong Kong Monetary Authority welcomed this optimization measure, stating that it will improve the RMB clearing system's ability to serve banks and clients across different time zones. This development further solidifies Hong Kong's role in offshore RMB business and strengthens its unique position in the internationalization of the renminbi.
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