China raises yuan forex limit for Hong Kong
Afp, Shanghai
China's central bank said Tuesday it has raised the yuan exchange limit for Hong Kong individuals to 20,000 yuan (2,470 US dollars, 19,184 Hong Kong dollars) per transaction from 6,000 yuan.The move was seen as part of a package of measures aimed at promoting economic ties between the mainland and the region. The central bank statement also said it raised the ceiling on yuan remittances to 80,000 yuan from 50,000 yuan. Hong Kong businessmen can now exchange their yuan deposits into Hong Kong dollars but they are still barred from changing their Hong Kong dollar deposits into yuan. The action was aimed at expanding economic, trade and financial ties between Hong Kong and China and to strengthen the former British colony's position as a global financial centre, the People's Bank of China said. Analysts said the move would channel more mainland capital to Hong Kong, helping to ease pressure on yuan appreciation.
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