香港金管局多措施支持离岸人民币市场

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) will launch a new "Renminbi Business Funding Arrangement" on October 9, aimed at expanding the eligible uses of funds and optimizing Renminbi liquidity arrangements to enhance offshore Renminbi business and its use in the real economy [1][2] Group 1: New Funding Arrangement - The new funding arrangement will be implemented in three phases, starting with a lower interest rate for participating banks using Renminbi business funding, calculated based on the Shanghai Interbank Offered Rate, eliminating the previous 25 basis points premium [1] - Participating banks will be allowed to provide Renminbi trade financing services to corporate clients through overseas bank institutions within the same group, enhancing Hong Kong's influence in the offshore market [1] Group 2: Phased Implementation - The second phase, starting December 1, will include specific Renminbi capital expenditure and operating loan arrangements, significantly increasing the scenarios for participating banks and overseas institutions to utilize the funding arrangement [1] - The third phase, beginning February 2 next year, will allow participating banks to change collateral during repurchase transactions as needed, with automated management and settlement processes to ensure liquidity in the collateral market [1] Group 3: Optimization of Liquidity Arrangements - The HKMA will also optimize Renminbi liquidity arrangements by reallocating daytime and overnight Renminbi funding quotas to meet the growing demand for cross-border Renminbi payment settlements [2] - The introduction of two-week and one-month term repurchase agreements for T+1 settlements will provide banks with greater flexibility in managing funds [2] Group 4: Market Demand for Renminbi - There has been a significant increase in demand for Renminbi as a financing currency, with the loan-to-deposit ratio for Renminbi loans in the banking sector rising from approximately 20% in September 2022 to over 90% in June this year [2] - There is also a growing demand from enterprises for longer-term Renminbi loans [2]