Yuan deposit exceeds hundred billions at Hong Kong

According to Hong Kong media, on basis of the agreement of RMB account-clearing business signed with Hong Kong and the Mainland, Hong Kong residents and most of its industries begin to hold Renminbi, causing yuan’s deposit soaring upward rapidly and hitting the record of hundred billion in yuan, due to the prospect for yuan’s revaluation which has been driven with various yuan products. Hong Kong Monetary Authority says by the end of July, yuan deposit climbed at 103.7 billion yuan or up 15.6 percent, and is hoping to target the figure of 150.0 or 200.0 billion yuan.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Analysts say, suppose 200.0 billion’s record fulfilled within the year, the yaun deposit might reach the amount of 600.0 billion over the next five years. The day will come as Hong Kong to be the offshore financial centre,   when the aim of 2.5 trillion yuan achieved, which expected the rate of 25 percent of money supply at <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Hong Kong, thus leaving better liquidity in yuan business.