Guangdong-HKSAR Joint Clearing for HK$ Checks to Commence

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Last updated at: (Beijing Time) Thursday, June 06, 2002

Guangdong-HKSAR Joint Clearing for HK$ Checks to Commence

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The Hong Kong Monetary Authority (HKMA) announced Thursday that a new two-way joint clearing facility established with the Guangzhou Branch of the People's Bank of China will commence operation on June 22.

According to an announcement issued by the Hong Kong Special Administrative Region's (HKSAR) Government Information Services, under the new clearing arrangement, the time required for clearing Hong Kong dollar checks drawn on banks in Guangdong, including Shenzhen, and presented in Hong Kong will be reduced to two working days.

Commenting on the new arrangement, Joseph Yam, the Chief Executive of the Hong Kong Monetary Authority said, "This new service is another example of fruitful co-operation between the People's Bank of China and the HKMA."

"Improvements such as this to the basic payments infrastructure between Hong Kong and Guangdong raise efficiency and pave the way for further development of financial and economic links with Guangdong and other parts of the Mainland," he said.

The facility will be implemented jointly by Hong Kong Interbank Clearing Limited, the Guangzhou Electronic Banking Settlement Center and the Shenzhen Financial Electronics Settlement Center, it said.

Joint check clearing in the other direction, that is, Hong Kong dollar checks drawn on banks in Hong Kong and presented in Guangdong, has already been in place since 1998 and has been functioning well, covering all the major cities in Guangdong.

In the past 12 months, more than 135,000 checks have been processed, with a total value of 13.2 billion Hong Kong dollars (1.6 billion U.S dollars).

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