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Hong Kong Chief Executive Tung Chee Hwa announced Tuesday that the People's Bank of China (PBOC), China's central bank, has agreed to provide clearing arrangements for banks in Hong Kong to conduct personal renminbi (RMB) business on a trial basis.

He said at a press conference that the scope of RMB business to be offered will be confined to transactions that facilitate personal spending and does not involve investment and other capital account transactions.

Tung said the RMB business to be offered on a trial basis includes the four areas, namely deposit taking, Hong Kong dollars and renminbi exchange, renminbi remittance and renminbi credit cards.

According to a press release of the Hong Kong Special Administrative Region (HKSAR) government, licensed Hong Kong banks participating in RMB business (participating banks) may offer RMB deposit-taking services to Hong Kong residents. The interest rates and the terms of deposits are to be determined by the participating banks.

As for HK dollar and renminbi yuan exchange, participating banks may offer to holders of RMB deposit accounts a service for converting RMB yuan into Hong Kong dollars and vice versa. The maximum amount that can be exchanged per person per day is the equivalent of 20,000 yuan (2,409 US dollars).

For individuals who are not holders of RMB deposit accounts, the maximum amount that can be exchanged is 6,000 yuan (723 US dollars) equivalent per transaction.

The press release said participating banks may also offer services to business people engaged in retail sales, catering, accommodation and other services related to personal consumption for the exchange of their RMB receipts into Hong Kong dollars.

Concerning remittances, participating banks may offer to holders of RMB deposit accounts a service for remitting from their Hong Kong accounts RMB funds to bank accounts under the same name on the mainland. The maximum amount to be remitted is 50,000 yuan (6,024 US dollars) per person per day.

As for renminbi cards, Chinese mainland residents may use RMB debit cards and credit cards issued by mainland banks for spending in Hong Kong. Participating banks or their subsidiaries may also issue RMB debit cards and credit cards to residents of Hong Kong for use in the Chinese mainland.

Under this RMB business scheme, participating banks will, after setting aside appropriate amounts of funds for meeting withdrawals, place the RMB funds absorbed from their depositors with a designated Hong Kong licensed bank (the clearing bank) to be appointed by the PBOC for providing RMB clearing services in Hong Kong.

The clearing bank will, after setting aside an appropriate amount of RMB funds, deposit all RMB funds absorbed from its own depositors and other participating banks with the PBOC Shenzhen Sub-Branch.

The PBOC Shenzhen Sub-Branch will pay interest to the clearing bank on the deposits. The clearing bank will also pay interest on the deposits from the participating banks, which will in turn pay interest to their depositors. The PBOC will invite banks interested in taking up the role of clearing bank to submit applications for such a position through the Hong Kong Monetary Authority.

HKSAR Financial Secretary Henry Tang welcomed the arrangements for conducting in Hong Kong personal RMB business on a trial basis. The arrangements for banks to conduct renminbi business on a trial basis signify an important step forward for the development of Hong Kong's banking sector, he said, adding, this will also help promote economic integration between Hong Kong and the Chinese mainland, and facilitate cross-border tourist spending.

"I believe that the banking sector in Hong Kong will seize on this opportunity and provide the relevant renminbi services to the public in the near future," Tang said.

Chief Executive of Hong Kong Monetary Authority (HKMA) Joseph Yam said, "the arrangements for Hong Kong banks to conduct renminbi business will open a new channel for the flow of renminbi funds between Hong Kong and the Chinese mainland through the banking system."

In addition to meeting the demands of the market and the public, the Hong Kong banking sector will also be able to develop new areas of business, he said. This will be advantageous to the Hong Kong banking sector and increase its competitiveness, he added.

Yam said in the long term, this development will have great significance for developing Hong Kong as an international financial center. The HKMA will work closely with the PBOC to facilitate banks in Hong Kong launching the renminbi business as soon as possible, he said.

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