China's central bank further frees yuan use in Hong Kong

China's central bank on Tuesday announced a raft of measures meant to further liberalize the use of the renminbi in Hong Kong and by Hong Kong residents.

A People's Bank of China (PBoC) statement said a Hong Kong resident is allowed to remit a maximum of 80,000 yuan (about 9,900 US dollars) per day to his or her own bank account in China's inland, up from the current 50,000-yuan limit.

Hong Kong banks can grant yuan-denominated credit for local residents at their own discretion, the PBoC said, scrapping a 100,000-yuan credit limit.

The central bank still bans inland travelers who hold inland credit cards from gambling and investing in stocks or properties, saying that their renminbi cards should only be used for tourism- or shopping-related purposes.

Source: Xinhua