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"At present, a total of 15 currencies are prescribed under Schedule 3 to the ordinance."
He noted: "Following the change in China's policy on exchange control, it was estimated that in 1993, spending by visitors from China after March 1993 constituted nearly 14 per cent of the total spending from all visitors during the year,
"The figure went up to 17 per cent in 1994 and reached 19 per cent in the first half of 1995.
"This share of spending, which exceeded those by visitors from Europe, the United States and even Japan, indicates the substantial volume of Renminbi being involved in money changing transactions in Hong Kong and warrants the need to include Renminbi as a prescribed currency under the Money Changers Ordinance, for the better protection of the visitors."
"Letters were sent to all money changers known to the Government earlier this month informing them of the need to comply with the provisions under the Ordinance," the spokesman added.
"They are required to display the net rates of exchange of Renminbi on their notice boards as soon as the amendment notice is gazetted."
End
New regulation for insurance companies
A new regulation to provide a standard and prudent basis for the valuation of assets and liabilities in respect of general business for the purposes of determining an insurer's solvency under the Insurance Companies Ordinance will be gazetted on Friday (December 29).
The new regulation prescribes different valuation requirements for different categories of assets and liabilities, which include land and buildings, shares and securities, and investments in subsidiary companies.
The regulation also stipulates the percentage limits permissible for different categories of assets in order to ensure a prudent spread of investments by an insurer.