Hong Kong businessmen as well as people from other walks of life expressed on Wednesday their welcome to Tuesday's announcement by the People's Bank of China regarding the expansion of the scope of renminbi (RMB) business in Hong Kong.

Yuen King Kon, a salesman at European Swiss Elegant Watch Center in Causeway Bay, one of the downtown areas in Hong Kong, said in an interview with Xinhua that he hopes the expansion of the RMB business of the local banks can help bring more Chinese mainland customers to his shop, in an effort to offset the rising management costs caused by the hiking of rents.

He said the launching of RMB service of Hong Kong banks over one year ago has already brought benefits to Hong Kong watch shops.

Yuen said, at present, about half of the customers are from the Chinese mainland.

The Xinhua Book City, located at the Leighton Road in Wanchai, focuses on selling books published in the Chinese mainland cities.

Ken Wen, director of the book store, told Xinhua that he has many business links with his Chinese mainland counterparts. He especially welcomes the new regulation on the clearing bank's clearing services for RMB checks used by Hong Kong residents.

He explained that he can pay checks to the mainland book sale agents from now on and will no longer have to take large amount of cash in and out of Hong Kong.

The Causeway Bay Jewelry Co. Ltd has six branches in Hong Kong with about one thirds of its customers mainlanders.

Mr. Mui, manager of the company said over 80 percent of the Chinese mainland customers use credit cards for shopping.

He said he welcomes the move to remove credit limit of 100,000 yuan (12,376 US dollars), adding the ceiling removing is expected to facilitate consumers and help raise the business volume of jewelry sector to 10 to 20 percent.

John Lee, a staff member of a trade company, said he and his family members pay at least four trips to the Chinese mainland each year and spend about over 10,000 yuan (1,237 US dollars) each time.

He welcomes the new moves as the cash exchange limit has increased from not exceeding 6,000 yuan (743 US dollars) to 20,000 yuan (2,475 US dollars).

With the closer and more frequent exchanges of people between the Chinese mainland and Hong Kong, more Chinese mainland people chose to study or make tours in Hong Kong while more Hong Kong people bought residential apartments or settle in the Chinese mainland.

At present, over 480,000 Hong Kong people reside in the Chinese mainland cities for a long period and over 80 percent of them stay in Hong Kong's neighboring Guangdong Province.

Source: Xinhua