Hong Kong Monetary Authority designates 12 banks as primary liquidity providers for offshore yuan market

By Reuters News

BEIJING, Oct 23 (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Friday it had designated 12 banks as primary liquidity providers (PLPs) for the city's offshore yuan market for a two-year term, effective from October 27.

The total yuan repo facility dedicated to all PLPs will increase to 22 billion yuan ($3.3 billion) from 20 billion yuan, the HKMA said, adding that the expansion will enhance liquidity support to the offshore yuan market and is conducive to strengthening the position of Hong Kong as an offshore yuan business hub.

($1 = 6.6705 Chinese yuan renminbi)

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