By Monday, 18 December, the US dollar cheque clearing system will be fully implemented, witháthe interface between the US dollar real-time gross settlement RTGS and the Central Moneymarkets Unit CMU complete.
This means that customers in Hong Kong will be able to open US dollar current accounts in Hong Kong and have cheques drawn from that account settled on the day following presentation of the cheque. This two-day settlement cycle compares witháa two-week average cycle for US dollar cheques drawn upon banks in the US.
The new US dollar RTGS and CMU interface enables the real-time and end-of-day delivery versus payment settlement of US dollar denominated debt securities deposited in the CMU....
