International Finance
Banking

Japan and Hong Kong collaborate to facilitate cross-border trade

Japan, fiscal year, Hong Kong, US dollars, yen, Japanese currency, Japanese banks, Asia
The establishment comes in an effort to increase the presence of Japanese banks in Asia and seek better market opportunities

According to the Bank of Japan, Hong Kong and Japan will drive real-time settlement between Japanese Government Bonds and Hong Kong dollars.

In addition, the platform will bolster Hong Kong financial institutions to invest short-term excess funds, reported The Asian Banker.

After the new system is established the Japanese Banks will be able to obtain Hong Kong dollars without any requirements to incur the cost of exchanging yens.

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