USD

The weak-side Convertibility Undertaking (CU) of HKD7.85 to USD1 under the Linked Exchange Rate system (LERS) was triggered yesterday during the London and New York trading hours. The HKMA sold US dollars (USD) for Hong Kong dollars (HKD) of HKD1,507 million. The Aggregate Balance will reduce by the corresponding amount to HKD74,802 million on 12 March.

As banks find themselves subject to ever more stringent arrangements over correspondent banking, the process seems complex and esoteric. It isn't. Here's the BankingInsuranceSecurities.com guide to correspondent banking . Simple.