The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (October 25) the designation of eleven banks as Primary Liquidity Providers (PLPs) for offshore renminbi (RMB) market in Hong Kong (i.e. CNH market) for a two-year term, with effect from October 27, 2024 following the expiry of the current term, and the increase in the total amount of RMB liquidity available in the PLP Scheme.
 
The eleven PLPs are:
Agricultural Bank of China Limited
Bank of China (Hong Kong) Limited
Bank of Communications Co., Ltd.
BNP Paribas
China CITIC Bank International Limited
China Construction Bank (Asia) Corporation Limited
Citibank, N.A.
Hang Seng Bank, Limited
Hongkong and Shanghai Banking Corporation Limited, The
Industrial and Commercial Bank of China (Asia) Limited
Standard Chartered Bank (Hong Kong) Limited
 
     The PLPs were selected among the current PLPs and the contributing banks for CNH HIBOR fixing, and are all active participants in the CNH market. The selection was based on a range of criteria, including the institution's capability in providing CNH funding and making market for CNH instruments, and commitment to using Hong Kong as a global hub for offshore RMB business. As the result of the designations, the total RMB repo facility dedicated to all PLPs will increase from RMB18 billion to RMB20 billion. The expansion of the PLP Scheme will enhance offshore RMB liquidity and is conducive to the continuing development of Hong Kong as the offshore RMB business hub.
      
     The HKMA regularly reviews the operation of the scheme and the performance of PLPs and consider the need for refinements, including the number of PLPs and the size of the repo facility.

Ends/Friday, October 25, 2024
Issued at HKT 16:30

NNNN