HK regulator designates nine CNH Primary Liquidity Providers
The Hong Kong Monetary Authority (HKMA) announced today that it has designated nine authorized institutions as Primary Liquidity Providers (PLPs) for offshore renminbi (RMB) market in Hong Kong for another term of two years with effect from 27 October 2022, following the expiry of their current 2-year term of designation.
The nine companies are:
- Agricultural Bank of China Limited
- Bank of China (Hong Kong) Limited
- Bank of Communications Co., Ltd.
- BNP Paribas
- China Construction Bank (Asia) Corporation Limited
- Citibank, N.A.
- Hongkong and Shanghai Banking Corporation Limited, The
- Industrial and Commercial Bank of China (Asia) Limited
- Standard Chartered Bank (Hong Kong) Limited.
The HKMA has reviewed the performance of these nine PLPs in the past two years, and considers that they are all active participants in the CNH market, and have been performing their PLP roles effectively.
The regulator says it will continue to provide each of the PLPs with a dedicated RMB repo facility of RMB2 billion, so as to facilitate their liquidity management when they carry out market-making activities and provide liquidity in the CNH market.