Economy

BOCHK signed RMB agreements with ASEAN banks

(Xinhua)
Updated: 2009-11-24 20:08

HONG KONG: Bank of China (Hong Kong) Limited (BOCHK) announced here Tuesday that it has signed the Agreements for Clearing and Settlement of Renminbi (RMB) Trade Settlement with a number of commercial banks in the ASEAN and other related regions and countries.

Related readings:  $879m RMB bonds to be issued in HK today  Mainland, HK sign supplementary pact on RMB settlement  RMB deposits in HK rise slightly to 53.4b yuan  Mainland, HK sign supplementary pact on RMB settlement  RMB settlement will enhance HK role

According to the BOCHK, the sole RMB clearing bank in Hong Kong, these newly-joined RMB Participating Banks in ASEAN countries include Bank Central Asia, Bank of China Bangkok Branch, Bank of China Manila Branch, Bank of China Jakarta Branch, Bank of China Singapore Branch and Bank of China (Malaysia) Berhad.

The above Participating Banks will also act as direct participants for RMB Real Time Gross Settlement in Hong Kong. In addition to providing a wide range of RMB services like deposits, foreign exchanges, remittances, bonds and trade finance for their corporate clients in trade settlement, these banks will be able to participate in the RMB Interbank Money Market in Hong Kong and provide other RMB businesses as approved by the related regulatory authorities.

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