The Hong Kong Monetary Authority (HKMA) has appointed BNP Paribas as a primary liquidity provider (PLP) for the offshore Renminbi (RMB) market in Hong Kong.
Additionally, the HKMA also designated six other banks including BNP Paribas as PLPs for the offshore renminbi market in Hong Kong for a term of two years.
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The other banks which act as primary liquidity providers are Bank of China (Hong Kong) Limited, BNP Paribas, China Construction Bank (Asia) Corporation, Citibank N.A., HSBC, ICBC (Asia) and Standard Chartered Bank (Hong Kong).
As a PLP, BNP Paribas will collaborate with the HKMA promote the use of the Hong Kong RMB liquidity pool to provide offshore RMB funding to other financial institutions and corporate customers.
The bank will also enhance the usage of RMB in the global offshore capital markets.
BNP Paribas has established a RMB Competence Centre based in Hong Kong that promotes the international use of RMB and capture RMB business opportunities worldwide for clients.
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By GlobalDataThe bank said that the center will act as a global platform across all the business lines in BNP Paribas that drives the RMB strategy across all geographies and all product lines including financing, transaction banking, capital markets, asset management, securities services and wealth management.
