HONG KONG, June 29 (Reuters) - Hong Kong on Monday said it hopes a scheme to allow bilateral trade with mainland China to be settled using the Chinese currency can start in July. China's Central Bank Governor Zhou Xiaochuan and Joseph Yam, chief executive of the Hong Kong Monetary Authority, signed a memorandum in Hong Kong on Monday, agreeing to launch the scheme, which was announced in December. The scheme will expand Hong Kong's role as an offshore centre for trade in the Chinese yuan and test the ground for the currency's gradual liberalisation. The scheme should cut foreign exchange costs...
photo: AP / Nir Elias, Pool
