The Hong Kong Monetary Authority (HKMA) has appointed Citibank its custodian for US Treasuries on behalf of the Central Moneymarkets Unit (CMU), a central custodian and clearing system for debt instruments operated by the HKMA.
Citibank's appointment comes as the CMU introduces a clearing, settlement and custodian service for US Treasuries, which will enable investors in Hong Kong and other parts of Asia to settle US Treasuries during Hong Kong hours.