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The People's Bank of China (PBOC), the country's central bank, has appointed BOC Hong Kong (Holding) Ltd as the sole settlement bank for personal renminbi transactions in the special administrative region.

The decision was made after fully examining applicant banks and after consultations with the Hong Kong Monetary Authority, PBOC said in a statement yesterday.

Six banks, including HSBC and the mainland-based Bank of Communications, had reportedly submitted applications for the lucrative business.

According to the arrangement, BOC Hong Kong will provide settlement services for Hong Kong banks authorized to conduct personal renminbi business and will be allowed a place in the mainland's interbank foreign exchange market based in Shanghai.

There is believed to be as much as 70 billion renminbi (US$8.4 billion) in banknotes circulating in the Special Administrative Region, as the currency, boosted by China's growing economic strength, becomes increasingly popular in neighbouring regions and nations.

Early last month, the PBOC announced it would provide settlement services to Hong Kong banks in the areas of deposits, exchange, credit cards and remittances.

The move was expected to better meet the growing demand for renminbi banknotes as travellers cross the border increasingly frequently, analysts said, since it officially opens a channel for the currency to flow back to the mainland.

The renminbi is fully convertible under the current account, but only partly convertible under the capital account. The personal renminbi business conducted by Hong Kong banks was meant mainly for travel-related demand, and does not include large-sum current account or capital account transactions.

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