NCC to convert Hong Kong dollars into Chinese yuan

Pursuant to the Clearing Rules, on 24 June 2024, NCC will convert Hong Kong dollars of trading members and their clients into Chinese yuan.

The conversion will occur because NCC's Hong Kong dollar correspondent account has been closed and Hong Kong dollars have been forcibly converted by the correspondent bank into Chinese yuan, which precludes NCC from performing its obligations to return the Hong Kong dollar collateral due to circumstances beyond NCC's control.

The conversion will be made at the same rate at which the correspondent bank returned the collateral to NCC.

MOEX halted trading and settlement in Hong Kong dollars from 13 June 2024 due to US restrictive measures against Moscow Exchange Group.