余伟文：10月9日起香港金管局将推出人民币业务资金安排 分三个阶段推行

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is launching a new Renminbi (RMB) Business Funding Arrangement starting October 9, 2023, to replace the existing RMB Trade Finance Liquidity Facility, with multiple optimization measures and expanded eligible funding uses [1][4]. Group 1: RMB Business Funding Arrangement - The new arrangement will be implemented in three phases, with the first phase allowing participating banks to use the RMB Business Funding Arrangement at lower interest rates, based on the Shanghai Interbank Offered Rate, eliminating the previous 25 basis points premium [1][4]. - The second phase, starting December 1, 2023, will include specific RMB capital expenditures (Capex) and working capital loans as eligible business areas, significantly increasing the application scenarios for participating banks and their overseas institutions [5]. - The third phase, set for February 2, 2026, will introduce a third-party repurchase service arrangement, allowing participating banks to change collateral during the repurchase transaction period, transitioning from manual operations to a more automated process [5]. Group 2: Optimization of RMB Liquidity Arrangement - The HKMA is optimizing the existing RMB liquidity arrangement, which was initially launched in June 2012, to address potential short-term liquidity needs in the offshore RMB market [7]. - Effective October 9, 2023, the HKMA will adjust the daytime and overnight RMB liquidity limits, increasing the daytime limit to 30 billion RMB and reducing the overnight limit to 10 billion RMB [7]. - Additionally, the HKMA will introduce two-week and one-month term repurchase agreements to provide banks with greater flexibility in managing their funds [7].