PBOC Sees Progress on Non-Hong Kong Residents’ Yuan Accounts

Talks between the People’s Bank of China and the Hong Kong Monetary Authority to allow non-residents of the city to open yuan-denominated bank accounts are making progress, PBOC Deputy Governor Hu Xiaolian said.

The plan could be feasible “as long as it doesn’t involve the onshore yuan,” Hu told reporters after a briefing in Hong Kong today. There could be progress “in the foreseeable future,” she said, adding “a future that is not that far.”