Unionpay launches RMB clearing services in HK

Unionpay International announced on Wednesday that it will offer direct renminbi clearing services outside China, starting with Hong Kong.

Sogo, Chow Tai Fook, Oriental Watch are among the first batch of Hong Kong merchants that will enjoy direct renminbi clearing services.

UnionPay International Chief Executive Officer Cai Jianbo said that launching the services will reduce exchange loss for merchants, and make them more willing to accept Unionpay cards.

In the long run, the services will help expand renminbi capital pool in Hong Kong, and promote the development of offshore renminbi business, Cai said.

Currently, almost all merchants and ATMs in Hong Kong accept Unionpay cards. Unionpay card consumption has become an important source of income for local merchants.