On Mon, 26 Jan 2026, the Hong Kong Monetary Authority ("HKMA") announced that the RMB Business Facility ("RBF") is doubling in size to RMB200 billion, effective from 2 February 2026.
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On Mon, 26 Jan 2026, the Hong Kong Monetary Authority ("HKMA") announced an expansion of the RMB Business Facility ("RBF") to RMB200 billion, effective from 2 February 2026. This significant increase follows the facility's successful launch in October 2025, which succeeded the RMB Trade Financing Liquidity Facility introduced in February 2025. The RBF provides stable and relatively lower-cost Renminbi ("RMB") funds to banks, facilitating support for RMB financing and its broader adoption in the real economy.
The RBF operates through a 'hub-and-spoke' model with Hong Kong as the central hub, channeling onshore RMB liquidity into offshore markets. The initial rollout of the RBF saw a positive response from the banking sector, with the RMB100 billion aggregate quota fully allocated to 40 participating banks. The expansion of the RBF to RMB200 billion will allow for increased quota allocations and the onboarding of more banks, with applications welcomed from both existing and aspiring banks.
The successful implementation of the RBF has facilitated the channeling of offshore RMB funds to regions such as the ASEAN countries, the Middle East, and Europe. The HKMA Chief Executive, Eddie Yue, expressed gratitude to the People’s Bank of China ("PBoC") for its continued support, which has enabled the RBF to meet the evolving needs of the market and enhance banks' RMB businesses. This expansion aims to support the healthy development of the real economy and reinforce Hong Kong’s position as an international financial center and global offshore RMB business hub.
The HKMA will continue to monitor the RBF's implementation, gather market feedback, and make necessary adjustments to further improve the facility. Furthermore, the HKMA welcomes the PBoC’s support for the Hong Kong RMB Clearing Bank to issue negotiable certificates of deposit onshore, expanding access to liquidity across various maturities and strengthening the Clearing Bank’s service capabilities. This positive development will have a significant impact on offshore RMB liquidity conditions.
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