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Expanding renminbi business in Hong Kong will help boost economic ties with the Chinese mainland and reinforce the city's status as an international financial center, Hong Kong acting Financial Secretary Frederick Ma said on Thursday.
The central government has given in-principle approval to extend the scope of renminbi business. Hong Kong people will be allowed to issue renminbi checks for a limited amount exclusively for consumer spending in Guangdong.
Speaking after opening the Hong Kong Electronics Fair on Thursday, Ma said the move to extend the scope of renminbi business in Hong Kong will offer people another means of payment in addition to cash and credit cards.
The Monetary Authority and the People's Bank of China (PBC) will discuss the details.
Ma hopes the measures can be implemented as soon as possible.
(Xinhua News Agency October 14, 2005)
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