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Yuan Market Grows in Hong Kong

Eight lenders quoting interbank interest rates, widening Chinese currencys use.

By Fion Li, Bloomberg | Updated on April 02, 2012

Yuan money markets are expanding in Hong Kong as more banks quote interbank interest rates for the currency, helping widen its use for trade and investment beyond China’s borders.

JPMorgan Chase & Co., ICBC (Asia) Ltd., Bank of Communications (Hong Kong) Ltd., Bank of East Asia Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd. started providing interbank rates for yuan in Hong Kong today, according to Jack Cheung, chief executive officer of the city’s Treasury Markets Association. That brings to eight the number of lenders quoting prices. Bank of Tokyo-Mitsubishi and Citigroup Inc. completed the first yuan interest-rate swap involving the Hong Kong interbank rate.

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