Hong Kong Monetary Authority (HKMA) announced Thursday two upgrades in the provision of Renminbi (RMB) liquidity to authorized institutions participating in RMB business in Hong Kong to make short-term RMB funds easier to access. Under the existing liquidity facility, the authority provides one-week RMB funds to participating authorized institutions against eligible collateral, with funds available on a next day basis (T+1). It said in addition to providing funds of one-week tenor on T+1 basis, the existing facility will provide one-day funds which will also be available on the next day (T+1). It will continue to make use of the Swap Agreement with the People\'s Bank of China in providing such funds. Overnight funds, available on the same day (T+0), will be provided to help banks meet their liquidity needs. The authority will use its own source of RMB funds in the offshore market to provide such lending, and expects the amount of overnight funds to be provided will be up to 10 billion yuan in total on a single day. The HKMA Chief Executive Norman Chan said that the new revisions will strengthen RMB liquidity management of banks and consolidate Hong Kong\'s position as the offshore RMB business hub. Participating authorized institutions are welcomed to use the facility to meet short-term funding needs. However, they are advised to plan their funding ahead of time and avoid over-dependence on the RMB liquidity facility. The authority will review the facility\'s terms and conditions in light of the actual operating experience. The new upgrades will take effect on Friday.