BOC expands RMB service in Hong Kong
(Xinhua)
Updated: 2005-12-06 13:39

Bank of China (Hong Kong) Limited (BOCHK) Monday expanded Renminbi (RMB) services in Hong Kong, allowing designated merchants to open RMB accounts and raising maximum limit for locals to exchange and remit the currency.

Merchants of various business, including retailing, catering, accommodation, transportation, communication, medical services and education, now can open deposit RMB accounts in RMB and exchange their RMB to HK dollars.

In addition to the enlarged service to businessmen, the bank on Monday also uplifted the limit for personal RMB cash exchange and remittance.

Hong Kong people now can exchange 20,000 yuan per person per transaction, up from the previous 6,000 yuan, and they can remit 80,000 yuan per person per day, up from the former limit of 50,000.

The new RMB service in Hong Kong proved the bank's determination to further enlarge its RMB business, Deputy Chief Executive of BOCHK David Lam told reporters at a brief ceremony on Monday.

"In view of the anticipated further expansion of RMB business and increasing customer needs, BOCHK is committed to providing Hong Kong people with the most professional, comprehensive and quality RMB services by exploring more diverse and innovative products," he said.

The bank has reported growing business in Hong Kong over the past two years. The number of ATMs that can provide RMB cash withdrawal has increased from 83 in 2003 to this year's 242 in Hong Kong.

Meanwhile, transactions for RMB cash via ATMs in Hong Kong has increased by 170 percent from May 2004 to October 2005, according to data provided by the bank.

BOCHK first launched its personal RMB service in Hong Kong on February in 2004.