Hong Kong settles HKD, USD, EUR and RMB in separate real-time gross settlement systems that the HKMA describes as interlinked.
How Hong Kong's currency settlement systems work and connect.
The HKD RTGS system (CHATS) has run since 1996; licensed banks in Hong Kong are required to join and hold HKD settlement accounts with the HKMA.
The USD RTGS system launched in August 2000; banks in Hong Kong can access it directly through the settlement institution or indirectly via direct members. Other institutions need case-by-case approval.
Hong Kong runs separate RTGS systems for HKD, USD, EUR and RMB; the HKMA describes them as interlinked to settle certain currency pairs on a payment-versus-payment basis.
HKICL publishes participant lists for a cross-border link between Hong Kong's RTGS systems and the Mainland's foreign-currency RTGS system separately for HKD, USD and euro, plus Shenzhen-Hong Kong links for HKD and USD.
HKICL's payment-versus-payment service settles both legs of an FX trade simultaneously across the linked RTGS systems; supported pairs include USD/HKD, USD/RMB, EUR/USD, EUR/HKD, EUR/RMB, RMB/HKD and USD against the Malaysian ringgit, Indonesian rupiah and Thai baht.
The HKMA allowed CLS Bank International limited access to the Hong Kong dollar RTGS system in late 2004 so that HKD could be settled on a payment-versus-payment basis within the CLS foreign-exchange settlement system.
Payment Systems — Hong Kong Monetary Authority
HK - Chinese Mainland Cross Border Service — HKICL
Payment versus Payment — HKICL
Fact sheet last reviewed 2026-09-26. Jurisdiction rules are confirmed against the sources above; a provider's own requirements differ and are confirmed by the provider.
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The USD RTGS system launched in August 2000; banks in Hong Kong can access it directly through the settlement institution or indirectly via direct members. Other institutions need case-by-case approval.
HKICL's payment-versus-payment service settles both legs of an FX trade simultaneously across the linked RTGS systems; supported pairs include USD/HKD, USD/RMB, EUR/USD, EUR/HKD, EUR/RMB, RMB/HKD and USD against the Malaysian ringgit, Indonesian rupiah and Thai baht.
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