New rules for new markets
At the end of 2006, the HKMA and Bank Negara Malaysia established a cross-border payment versus payment link between Hong Kong's US dollar real-time gross settlement (RTGS) system and Malaysia's ringgit RTGS system. This latest move will see the acceptance of securities issued in both countries in real time as early as next year.
The idea was first mooted seven years ago by the governments of the Association of South Asian Nations (Asean) plus China, Japan and Korea. The central banks of
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