Notice of Amendment of Renminbi (RMB) Business
According to the notice regarding RMB business issued by Hong Kong Monetary Authority on 12 November 2014, the Bank has amended the RMB business as follows with effect from 17 November 2014:
- Hong Kong residents may conduct RMB currency conversions without applying limits.
- There will be no need for accounts opened previously by Designated Business Customers (DBCs) to be confined to handling of RMB cashnotes obtained in such customers’ ordinary course of business as DBCs and RMB bond investments. In other words, such accounts can be operated in the same manner as other corporate accounts.
- RMB business that does not involve cross-border fund flows to and from the Mainland is subject to the usual banking practices and applicable regulatory requirements in Hong Kong. RMB business involving cross-border flow of RMB funds with the Mainland, including cross-border trade settlement or remittances, will continue to be subject to the rules and requirements promulgated by the Mainland authorities. For transactions involving overseas jurisdictions, the Bank should follow the rules and requirements in those jurisdictions as appropriate.
For details, please refer to the product leaflet of RMB business. If you are interested in our Bank’s RMB services or want to have more information, please feel free to contact our Head Office or any local branches of Chong Hing Bank, or call our Customer Services Hotline at 3768 6888.
Chong Hing Bank Limited
17 November 2014