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The cross-border yuan trade settlement
pilot scheme is launched in Shanghai, east China, July 6, 2009. The
subsidiary companies of the Bank of China and the Bank of Communications
in Shanghai have transacted their first cross-border yuan trade settlement
deals as the cross-border yuan trade settlement pilot scheme was launched
in Shanghai on Monday morning. (Xinhua/Zhu Lan)
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By Xinhua Writer Jiang Xufeng
BEIJING, July 6 (Xinhua) -- The Bank of China (BOC),
China's largest foreign exchange bank, announced Monday that it had transacted
the first cross-border yuan trade settlement deal Monday morning.
The BOC said its Shanghai branch had received the
first cross-border yuan trade settlement deal from the BOC (Hong Kong) Monday.
The payee was Shanghai Electric International
Economic and Trading Co. Ltd., a subsidiary company of Shanghai Electric Group
Co. Ltd., and the remitter was the company's business partner in Hong Kong, said
the Beijing-based BOC in a statement on its Web site Monday.
The bank did not reveal the amount of the settlement
in the statement.
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Su Ning, vice governor of the People's
Bank of China, the country's central bank, speaks to reporters during the
launching ceremony of the cross-border yuan trade settlement pilot scheme
in Shanghai, east China, July 6, 2009.(Xinhua/Zhu Lan)
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Li
Lihui, president of the BOC, said Monday at the ceremony of the first
cross-border yuan trade settlement held in Shanghai that the deal could
facilitate trade between China and neighboring countries and regions and help
enterprises avoid exchange rate risks.
"Cross-border yuan trade settlement could help firms
simplify trading procedures and reduce operation costs. It could also help banks
to expand business scope, improve service, and forge stronger ties with
enterprises," Li added.
The BOC said its Shanghai branch had inked tentative
agreements with 11 overseas agent banks on yuan trade settlement deals, which
had remarkable companies yuan settlement demand, including Standard Chartered
(Hong Kong), Bank of East Aisa (BEA), Hong Kong-based Wing Hang Bank and others.
On the same day, many other banks cleared
transactions in yuan.
The Bank of Communications transacted the first
cross-border deals.
"In the morning the Shanghai branch of the Bank of
Communications has transacted six cross-border yuan settlements. The Guangdong
branch and Shenzhen branch have also been dealing with the business," said Zhang
Xiaoming, head of the international business department under the Bank of
Communications.
The Shenzhen branch of the Bank of Communications
Monday transacted cross-border yuan settlements for two clients, Shenzhen
Aerospace Guangyu Industry Group Corp. and T&J Electric (Shenzhen)Limited.
The two sent yuan to their business partners in Hong Kong
The China Construction Bank Monday said it had signed
tentative deals with six overseas banks to cooperate in yuan cross-border
settlement.
The BOC Monday said its branch in Guangdong Province
would transact 6.93 million yuan (1.01 million U.S. dollars) of cross border
yuan settlements Tuesday in forms of remitting yuan, receiving yuan and opening
letters of credit in yuan.
The Industrial and Commercial Bank of China (ICBC)
Monday said its branch in Indonesia had opened letters of credit of 372,000 yuan
(54,466 U.S. dollars) to a company in Shanghai, indicating the launch of its
cross-border yuan trade settlement.
"Cross-border yuan trade settlement could help
enterprises avert exchange rate risks and reduce cost in converting foreign
exchanges," Shanghai Electric Chairman Xu Jianguo told Xinhua.
China's State Council, or Cabinet, announced in April
a pilot program to allow exporters and importers in Shanghai, and southern
Guangzhou, Shenzhen, Zhuhai and Dongguan cities to settle cross-border trade
deals in Renminbi(RMB), or yuan.
China last week issued detailed regulations for the
pilot program for cross-border trade settled in yuan. The rules specified how to
make transactions using yuan to settle trade with Hong Kong and Macao and
regional trade partners.
Ou Minggang, director of the International Finance
Research Center of China Foreign Affairs University, told Xinhua Monday that
cross-border yuan trade settlement provided exporters and importers with another
option when conducting trade settlement and banks could explore a new business
area.
"This move was in line with the market needs and it
could also enhance trade volume growth," Ou added.
BOCHK to conduct first cross-border
RMB trade settlement transaction
HONG KONG, July 5 (Xinhua) -- Bank of China (Hong Kong) Limited, or BOCHK, will
conduct the first cross-border Renminbi trade settlement transaction on Monday,
marking the launch of a Renminbi trade settlement pilot scheme, the bank said on
Sunday.
This is "an important milestone" of the use of Renminbi
outside the Chinese mainland "in an orderly manner," the bank said. Full story
BOCHK to launch RMB trade clearing
services in HK
HONG KONG, July 4
(Xinhua) -- The Bank of China (Hong Kong) Limited (BOCHK), the sole Renminbi
(RMB) clearing bank in Hong Kong, announced here Saturday that it will launch
RMB clearing services for trade settlement starting from Monday.
BOCHK said it had singed a clearing agreement with the
People's Bank of China in relation to RMB business, and will invite banks and
other financial institutions participating in trade settlement to sign a new
clearing and settlement agreement. Full story
Bank of China signs yuan trade
settlement deal with HSBC, BOC (HongKong)
BEIJING, July 4 (Xinhua) -- Bank of China (BOC),
China's largest foreign exchange bank, announced Saturday it has signed a yuan
trade settlement agreement with BOC (Hong Kong) and HSBC in Hong Kong.
The BOC is the first mainland bank to reach such
agreements following rules published this week to regulate the pilot program for
cross-border trade settled in yuan. Full story
RMB trade settlement pilot scheme new
milestone for HK: HKMA chief
HONG
KONG, July 2 (Xinhua) -- The pilot scheme for cross-border trade to be settled
in renminbi (RMB) between certain enterprises in five mainland cities and their
trading counterparts outside the mainland marked another milestone for the
renminbi business in Hong Kong, Hong Kong Monetary Authority Chief Executive
Joseph Yam said Thursday.
"This is a development of strategic importance," Yam wrote
in his online weekly column, referring to the joint release on Thursday of a
regulation by the Chinese mainland financial authorities to pave the way for the
yuan settlement pilot scheme. Full story
China issues detailed measures
regulating cross-border trade settled in yuan
BEIJING, July 2
(Xinhua) -- China has issued detailed measures to regulate the pilot program for
cross-border trade settled in yuan, according to a document released Thursday by
the central bank.
The document posted on website of People's Bank of China
specified how to make transactions using the yuan to settle trade with Hong
Kong, Macau and regional trade partners. Full story
