Domestic banks cleared to invest in HK bond market
3 August 2004
China said it will allow domestic banks licensed to conduct forex business to invest in Hong Kong's bond market, another move aimed at easing pressure on the yuan. China Government Securities Depository Trust and Clearing said it had signed an agreement with Hong Kong's monetary authority to join the special administrative region's debt-market clearing system. Earlier, the agency had issued guidelines on clearing and bidding procedures for banks wishing to trade bonds in Hong Kong's market.