HK records 2 bln RMB in deposits

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Last updated at: (Beijing Time) Tuesday, March 16, 2004

HK records 2 bln RMB in deposits

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A total of more than 2 billion renminbi has been deposited in Hong Kong banks in the first two weeks since the launch of personal renminbi services by 35 banks on Feb. 25, the Hong Kong Monetary Authority said on Monday.

In its latest quarterly bulletin, the authority noted that thisis an important milestone in the growing economic integration between the Chinese mainland and Hong Kong, which is key to Hong Kong's economic revival.

The bulletin carried two research articles on renminbi, and itsimpact on both regional and global economies.

The launch of renminbi services in Hong Kong has raised the question of whether, sooner or later, the HK dollar will itself become marginalized. The article said that this is unlikely, as inthe foreseeable future the renminbi will not replace the HK dollarto any great extent in transactions here.

As regards the impact of a renminbi appreciation on global imbalances, the other article carefully examined the arguments behind the calls for the renminbi to appreciate, but concluded that an appreciation of the renminbi would contribute little towards correcting global trade imbalances.

The bulletin also carried articles on local debt market developments last year, and the relationship between real estate indicators, the banking sector and the larger economy.

Source: Xinhua

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