The People's Bank of China will more than double the RMB Business Facility to 500 billion yuan to allow Hong Kong businesses to access renminbi-denominated loans through the Hong Kong Monetary Authority, Bloomberg reported Tuesday, citing a keynote speech by Governor Pan Gongsheng at the Hong Kong FIC & Bond Connect Summit in the city.
The central bank will also increase the annual quota for the Southbound Bond Connect, the platform for mainland investors to buy offshore bonds through Hong Kong, to 800 billion yuan from 500 billion yuan, according to the report.
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