Standard Chartered Hong Kong commences cross-border RMB clearing services in China’s CIPS
Standard Chartered Bank (Hong Kong) Limited (SCBHK) has commenced cross-border Renminbi (RMB) clearing services in China’s Cross-border Interbank Payment System (CIPS) as the first and only foreign bank so far in the offshore market that can participate in CIPS directly to clear cross-border RMB payments.
On the first day of the service launch, SCBHK swiftly completed multiple debut cross-border RMB transactions for its corporate clients, including Li & Fung and Luxshare Precision, both of which are headquartered in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).
Mary Huen, Chief Executive Officer, Hong Kong, Standard Chartered, said:
“SCBHK is proud to be the first foreign bank launching cross-border RMB clearing services as a Direct Participant of CIPS in the offshore market. This allows us to provide more seamless, efficient and secure services for our clients’ cross-border RMB transactions in extended operating hours. This not only highlights the exceptional RMB capabilities of SCBHK, but also consolidates the roles of Hong Kong as an international financial centre and a super connector between Mainland China and overseas markets, while further promoting the development of the GBA.”
Shi Wenchao, Chairman of CIPS, said:
“CIPS is an important financial infrastructure for cross- border RMB transactions. Standard Chartered is a leading international bank and a global systemically important bank. We congratulate SCBHK on becoming the first foreign bank in the offshore market to directly participate in CIPS. We will continue to work with the bank to promote the usage of CIPS and to expand the ‘circle of friends’, jointly offering more secure, efficient and convenient cross-border RMB clearing services to clients all over the world.”
CIPS is the global clearing platform for real-time RMB settlement, that connects Mainland China with offshore RMB centres and markets covering all major time zones across the globe.