The HKMA announced the designation of 11 banks as the primary liquidity providers for the offshore Renminbi market in Hong Kong. The arrangement will last for two years, starting from October 27 this year after the current designated period ends, and the total amount of Renminbi liquidity available under the primary liquidity provider arrangement will increase from 18 billion yuan to 20 billion yuan.

The 11 primary liquidity providers include Agricultural Bank of China, BOC Hong Kong (02388.HK), Bank of Communications, BNP Paribas, China CITIC Bank International, Bank of China Asia, Citibank, Hang Seng Bank (00011.HK), HSBC, ICBC Asia, and Standard Chartered Bank Hong Kong.

HKMA periodically reviews the operation of the scheme and the performance of the primary liquidity providers, considering the need for optimization, including adjusting the number of primary liquidity providers and the size of repurchase agreements.