Many new financial instruments were introduced in 2004, such as the RMB bankcards with Unionpay logo were accepted in Hong Kong from January 2004. In February 2004, participating banks in Hong Kong started to conduct RMB deposits, exchange and remittance business. From April 2004, RMB bankcards issued by Hong Kong banks were accepted in the Mainland.
In November 2005, with approval of the State Council, the PBC extended the scope of the RMB business position squaring and settlement arrangement for Hong Kong banks including raising the upper limits of some business and allowing Hong Kong residents to pay their consumption expenditures with checks in RMB denomination.