News
HKMA names 12 Primary Liquidity Providers, lifts RMB repo support
HKMA named 12 banks as Primary Liquidity Providers for Hong Kong’s offshore RMB market and raised dedicated repo support to RMB22 billion.
The Hong Kong Monetary Authority has expanded its Primary Liquidity Provider scheme for the offshore renminbi market in Hong Kong, naming 12 banks for a new two-year term and increasing the dedicated RMB repo facility, according to the HKMA’s 23 October 2026 announcement.
Evidence and context
The HKMA said the new designation takes effect on 27 October 2026, after the current term expires, and runs for two years. The 12 Primary Liquidity Providers are Agricultural Bank of China Limited, Bank of China (Hong Kong) Limited, Bank of Communications Co., Ltd., BNP Paribas, China CITIC Bank International Limited, China Construction Bank (Asia) Corporation Limited, Citibank, N.A., Deutsche Bank AG, Hang Seng Bank, Limited, The Hongkong and Shanghai Banking Corporation Limited, Industrial and Commercial Bank of China (Asia) Limited, and Standard Chartered Bank (Hong Kong) Limited.
According to the HKMA, selection was based on the institutions’ capability in providing CNH funding, making market for CNH instruments, and commitment to using Hong Kong as a global hub for offshore RMB business. The authority did not publish numerical qualification thresholds or scoring weights in the announcement.
The HKMA also said the total RMB repo facility dedicated to all PLPs will rise from RMB20 billion to RMB22 billion. Based on those figures, the facility increases by RMB2 billion, or 10%, using the HKMA’s stated amounts. The authority said the expansion is intended to enhance liquidity support to the offshore RMB market and strengthen Hong Kong’s position as an offshore RMB business hub.
The announcement follows earlier HKMA measures to support offshore RMB liquidity, including the existing 11-bank designation that began on 27 October 2024 for a two-year term with a RMB20 billion dedicated repo facility, and related offshore RMB market arrangements announced in 2025. The HKMA said it regularly reviews the operation of the scheme and the performance of PLPs, including whether adjustments are needed to the number of participants or the size of the repo facility.