The Hong Kong Monetary Authority announced today that since the second phase of the RMB business funding arrangement, the list of participating banks has been expanded to 40, and the total amount allocated to participating banks has increased from RMB 50 billion in the previous phase to RMB 100 billion. The second phase began on December 1. The 40 participating banks can borrow RMB funds from the HKMA within the allocated amount to provide local and overseas corporate customers with RMB financing services for the real economy. HKMA Chief Executive Yu Weiwen said that the implementation of the new arrangements will be reviewed from time to time, and the introduction of more participating banks will be considered in due course according to actual operation and market needs, to support the real economy's wider use of RMB and promote the continued development of Hong Kong's offshore RMB business.

The Hong Kong Monetary Authority announced today that since the second phase of the RMB business funding arrangement, the list of participating banks has been expanded to 40, and the total amount allocated to participating banks has increased from RMB 50 billion in the previous phase to RMB 100 billion. The second phase began on December 1. The 40 participating banks can borrow RMB funds from the HKMA within the allocated amount to provide local and overseas corporate customers with RMB financing services for the real economy. HKMA Chief Executive Yu Weiwen said that the implementation of the new arrangements will be reviewed from time to time, and the introduction of more participating banks will be considered in due course according to actual operation and market needs, to support the real economy's wider use of RMB and promote the continued development of Hong Kong's offshore RMB business.