Governor Zhou Xiaochuan of the People s Bank of China (PBC) and Chief Executive Joseph Yam of the Hong Kong Monetary Authority (HKMA) signed a supplementary Memorandum of Cooperation on June 29, 2009, to prepare for the implementation of the pilot scheme for the use of renminbi in settling cross-border trade transactions between the Mainland and Hong Kong.
The PBC and the HKMA agreed to supervise and regulate the settlement by Hong Kong banks of renminbi-denominated cross-border trade transactions, and to coordinate with one anther to this end. The two parties also agreed to further develop renminbi business in Hong Kong, so as to forge ahead with the mutually-assisting, complementary and interactive relationship between the financial systems of the Mainland and Hong Kong, and to strengthen Hong Kong s status as an international financial center.
