|Services||After 23 August 2011|
|Remittances||- Inward and outward RMB remittance services which do not involve foreign exchange (including remittances between Hong Kong and Mainland China, as well as between Hong Kong and overseas) can be conducted in accordance with the usual banking practices in Hong Kong.
- For RMB remittances to and from the Mainland counterparts, the Mainland authorities and Mainland banks will be responsible for reviewing whether the transaction is in compliance with the relevant rules and requirements of the Mainland authorities Note
- For RMB remittances received from the Mainland counterparts, the RMB proceeds can only be credited to customers' RMB Savings Account(s) or RMB Current Account(s).
Note: In order to avoid delayed payments, customers are advised to check the eligibility of their payees on the Mainland for receiving RMB funds before making outward remittance application in Hong Kong
|Currency Exchange||- Two-way exchanges between HKD (or other foreign currencies) and RMB can be conducted in accordance with the usual banking practices in Hong Kong
- For RMB conversion, the exchange rate will be quoted according to the transaction purposes (i.e. for cross-border merchandise trade settlement purpose or for general purpose) of the underlying transaction:
1. For cross-border merchandise trade settlement purpose with the Mainland counterparts, it is necessary to submit relevant documentary proof of that cross-border merchandise trade transaction. The exchange amount must not be larger than the amount shown on the trade documents of mercantile goods
2. For general purpose, there is no restriction on the exchange amount. However, the exchange rate will be quoted by the Bank subject to the changes of the market conditions
|Trade Services||- Apart from merchandise trade, service trade can also be settled in RMB, but the exchange rate for cross-border merchandise trade settlement purpose cannot be applied to such RMB exchange|
|Lending||- Provision of any type of business loan to any commercial customers (but not personal and Designated Business Customer "DBC" Accounts) in accordance with the usual banking practices in Hong Kong
- RMB funds in an "RMB Account" can be placed under pledge for a loan denominated in the RMB or any other currency
|RMB Bonds & Other Wealth Management Products||- Apart from providing RMB bonds subscription services, banks in Hong Kong can provide RMB financing to commercial customers for their bond investments
- Apart from RMB bond investments, banks in Hong Kong can also develop other RMB-related wealth management products to cope with market needs
When commercial customers sold RMB to an amount more than its aggregate trade proceeds in the past 3 months, the exchange rate for general purpose should be applied to the excess portion.For the purpose of calculating the amount of RMB trade proceeds from cross-border mercantile goods in the past 3 months, any RMB trade proceeds from cross-border mercantile goods transferred out of the commercial customer’s “RMB Account” or any non-trade in-flow and out-flow of RMB funds should not be deducted from the customers’ total trade proceeds.