By musiclover - Wed Jul 21, 4:58 pm

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Edited bymusiclover

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Hong Kong and China have loosened restrictions on yuan banking in a move that’s expected to prompt banks in the Asian finance center to offer a wider range of financial products in the national currency.

Hong Kong, a former British colony, still maintains its own currency, the Hong Kong dollar, but it started to offer banking services in the yuan, also known as the renminbi, in 2003. The new deal signed between the People’s Bank of China and the Hong Kong Monetary Authority expands the services from individual to corporate clients.

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