HKMA launches RMB cross-border repo

To kick-start the cross-border renminbi and Hong Kong dollar repurchase market, HKMA has partnered with JP Morgan and Euroclear to launch a collateral management service allowing offshore financial institutions to borrow these currencies against securities. Esmond Lee, executive director at the Hong Kong Monetary Authority (HKMA), says for the first phase local and foreign banks in Hong Kong that are members of its debt instrument clearing and settlement system -- the Central Moneymar…