Citi named primary liquidity provider in RMB repo scheme

It is currently the only American bank of the 11 dealers in the scheme, the bank said.

Citi is participating in the RMB bond repurchase (repo) scheme initiative of Hong Kong and mainland China.

Citi is included as a primary liquidity provider in the scheme, an initiative by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC). It is the only American bank in the 11 dealers as of 3 September 2025.

In a press release, Citi said that it will leverage its global network and expertise in cross-border financial solutions to assist clients in navigating the evolving opportunities presented by China’s opening capital markets.

Paul Smith, head of markets for Japan, Asia North, and Australia in Citi, said that they have observed an increased interest from both their local and international clients.

“We have observed increased interest from both local and international clients and have traded a number of times in the past few days, which will further strengthen Citi's business growth across our Hong Kong and China franchise,” Smith said.

“We are excited about the new enhancement feature from HKMA, which provides greater flexibility and aligns with global repo market standards,” Smith added.

Smith said that the scheme “reinforces Hong Kong’s unique role as a key connector between mainland China and international markets.”