GCC Consulting

HKMA designates Primary Liquidity Providers and expands Scheme

On October 25, 2024, the Hong Kong Monetary Authority (HKMA) announced the designation of eleven banks as Primary Liquidity Providers (PLPs) for the offshore renminbi (RMB) market, effective from October 27. The selected banks, which include major institutions like Agricultural Bank of China and Citibank, were chosen based on their capabilities in CNH funding and commitment to Hong Kong’s status as an offshore RMB hub. The total RMB liquidity available in the PLP Scheme will increase from RMB 18 billion to RMB 20 billion, enhancing offshore RMB liquidity and supporting Hong Kong’s development in this sector. The HKMA will continue to review and refine the scheme as needed.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241025-4/

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