The People's Bank of China's (PBC) Announcement No. 3 of 2009 seeks to improve the efficiency of payment and settlement between the Mainland and Hong Kong. In order to promote their economic and financial ties, the PBC decided to establish multi-currency payment arrangements between the two economies by capitalizing on China´s Domestic Foreign Currency Payment System. The scope of the payment arrangements will cover cross-border payment and settlement items of relevant foreign currencies in compliance with the requirements of the rules and regulations on foreign exchange administration of the Mainland. The payment arrangements cover the following four currencies: the U.S. dollar, the Euro, the Hong Kong dollar, and the British pound.
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