Hang Seng Bank (HKG:0011) is among the first banks to implement offshore renminbi repo on the day of its launch on Feb. 10, according to a same-day news release by the bank.
The transactions utilize eligible onshore bonds held under the Northbound Bond Connect scheme as collateral to help boost offshore renminbi liquidity, according to the bank.
The offshore repurchase agreement is one of the new policy measures by the Hong Kong Monetary Authority and the People's Bank of China to boost financial links with Hong Kong and mainland China, Hang Seng Bank said.
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