Hong Kong banks will be allowed to start offering local personal Renminbi (RMB) services later this month, said Zhou Xiaochuan, governor of the People's Bank of China (PBOC), in Hong Kong Saturday.

Starting on Feb. 25, Hong Kong banks can provide deposit, remittance, exchange and credit card services of RMB in Hong Kong. It will be the first time that banks outside the Chinese mainland are allowed to deal in RMB.

 

Zhou said this was a necessary step for economic development and systemic progress.

 

He also emphasized the importance to ensure smooth operation and well-managed clearing services.

 

PBOC signed the Authorization Letter on the Renminbi Clearing Bank on Dec. 31, 2003 with Bank of China (Hong Kong) Limited (BOCHK).

 

(Xinhua News Agency February 8, 2004)