HKMA names twelve banks as RMB liquidity providers and raises facility to RMB22bn

The Hong Kong Monetary Authority (HKMA) designated 12 banks as Primary Liquidity Providers (PLPs) for Hong Kong’s offshore renminbi market on 23 October 2026. The appointments began on 27 October for a two-year term, and the total RMB repo facility available to all PLPs increased from RMB20bn to RMB22bn.

The designated banks are Agricultural Bank of China, Bank of China (Hong Kong), Bank of Communications, BNP Paribas, China CITIC Bank International, China Construction Bank (Asia), Citibank, Deutsche Bank, Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), and Standard Chartered Bank (Hong Kong).

What the designation covers

The HKMA said it selected the PLPs using criteria including each institution’s ability to provide CNH funding, make markets in CNH instruments and demonstrate a commitment to using Hong Kong as a global hub for offshore RMB business.

For the named banks, the practical change is participation in the enlarged PLP Scheme and its RMB repo facility. Firms dealing in CNH liquidity should therefore distinguish the RMB22bn total facility from any bank-specific availability.

The authority said the expansion would strengthen liquidity support for the offshore RMB market and Hong Kong’s position as an offshore RMB business hub. It also said it regularly reviews the scheme’s operation and PLP performance, including whether to adjust the number of providers or the size of the repo facility.

The new two-year PLP term began on 27 October 2026.