Emerging Markets Rates and Currencies Handbook

16 Citi | Emerging Markets Currencies Handbook 2021 Market opening hours and liquidity during the day USDHKD is traded internationally across all time zones, but the market is most liquid between 9.30am — 5.30pm HKT 09.30 17.30 Good Liquidity Moderate Liquidity Fixing (incl. ticker) HKDFIX in Reuters Regulation Offshore restrictions The Hong Kong Dollar (HKD) is freely tradable and fully convertible and there are no restrictions for residents or non- residents in the trading of HKD spot, forward and options. Non-resident restrictions The Hong Kong Dollar (HKD) is freely tradable and fully convertible and there are no restrictions for residents or non- residents in the trading of HKD spot, forward and options. License requirements No license required to conduct FX activities. Requirements to open a foreign currency account Regular KYC norms and requirements. Deal Management Rollover : Rolling FX forward is permitted only at market spot and forward rates. Unwinding : No local law restrictions on unwinding HKD FX trades. Client can elect to net or gross settle the trade. Early Maturity : No local law restrictions on early termination of HKD FX trades. Documentation Requirements Product specific No local law requirements on specific form or type of trade documentation to be used. Trade flows No local law requirements on specific form or type of trade documentation to be used. Capital flows/FDI No local law requirements on specific form or type of trade documentation to be used. Additional Comments Hedges are allowed for balance sheet flows and cash flow exposures. Citibank Hong Kong 50/F Champion Tower 3 Garden Road Central, Hong Kong FX Sales Contact: +852 2868 8231 FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Offshore Onshore volume (MM USD daily) 5000 6,000 — 8,000 HKD is deliverable offshore and hence there is no NDF market 300 — 600 400 5-10 N/A Offshore volume (MM USD daily) included in the onshore volumes included in the onshore volumes included in the onshore volumes included in the onshore volumes included in the onshore volumes 5 — 10 Onshore max tenor (or typical tenor for spot) T + 2 10 years 5 years** 20 years 10 years N/A Offshore max tenor (or typical tenor for spot) N/A 10 years 5 years** 20 years 10 years 5 years Onshore typical deal size (MM USD) 50 — 100 50 — 100 50 — 100 20 — 40 10-20 N/A Offshore typical deal size (MM USD) N/A 50 — 100 50 — 100 20 — 40 10-20 3 — 5 CitiFX Pulse Capabilities * * Only for CNY, KRW, MYR, TWD. ** Subject to Citi’s internal limits Source: Citi indicative information Hong Kong

RkJQdWJsaXNoZXIy MTM5MzQ1OA==