HONG KONG, July 25 (Xinhua) -- The Hong Kong Monetary Authority (HKMA) announced Wednesday that banks in Hong Kong will be allowed to open renminbi (RMB) accounts for non-Hong Kong residents, offering them a full range of RMB services starting from Aug. 1.

Chief Executive of HKMA Norman Chan said the HKMA has been in discussion with the industry and the mainland authorities about the provision of RMB services to non-Hong Kong residents by Hong Kong banks.

"I am very pleased that banks in Hong Kong may begin offering RMB services to non-Hong Kong resident next month. This is another important milestone for the development of offshore RMB business in Hong Kong," he said.

He added the HKMA has also had deliberations with the industry about how RMB business for Hong Kong residents can be further refined at the same time while RMB business for non-Hong Kong residents is introduced.

"In this regard, there have been several proposals with pros and cons that are somewhat difficult to weigh between, and therefore we would need to consider further and discuss with the Mainland authorities," he continued. Enditem

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