BOC Hong Kong (Holdings) Ltd., Bank of East Asia Ltd. and HSBC Holdings Plc are among 40 lenders that will start accepting yuan deposits in Hong Kong for the first time today, as financial integration with China deepens.
The changes, part of a free-trade accord signed between China and Hong Kong last June, are aimed at helping the city recover from its worst economic slump since being handed back to China by the British in 1997. The yuan deposits follow relaxation of mainland tourists visiting Hong Kong and the acceptance of yuan debit cards by city retailers. The changes contributed to record expansion in the fourth quarter.
Hong Kong banks are trying to tap the HK$65 billion (US$8.36 billion) of yuan notes estimated to be circulating in the city.
http://www.etaiwannews.com/Business/2004/02/26/1077761512.htm
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