HKMA revamps RMB liquidity operations to cope with 'phenomenal' growth in demand
New facilities unveiled in face of rapid growth of renminbi payments
The Hong Kong Monetary Authority (HKMA) today unveiled new liquidity facilities aimed at ensuring stability in the face of a rapid growth in renminbi (RMB) payments.
A new RMB liquidity facility will allow authorised banks to borrow up to 10 billion yuan ($1.6 billion) on an intraday basis. Seven banks have also been designated "primary liquidity providers" (PLPs), giving them access to dedicated repo facilities in exchange for an expansion of their market-making activities.
The HKMA has
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