Money

BOCHK nails down 34 yuan settlement deals

(Xinhua)
Updated: 2010-06-23 15:01

HONG KONG - Bank of China (Hong Kong) Limited (BOCHK) nailed down 34 RMB trade settlement transactions on Tuesday, the first day of expansion of cross-border RMB trade settlement program in Chinese mainland, said BOCHK on its website late Tuesday.

Related readings:  China expands pilot program of yuan settlement  PBOC to promote yuan settlement in Xinjiang trade  China expands yuan settlement in cross-border trade  Banks active in transacting yuan cross-border settlement

The sole clearing bank of RMB business in Hong Kong said all 34 deals had been conducted in the newly added cities, after China's central bank announced that the number of cities and provinces covered in the pilot program increased from five to 20, covering Shanghai, Guangdong, Beijing, etc.

The expanded pilot program "covers the major economic regions of Chinese mainland" and provides greater convenience to the local and global customers, said He Guangbei, vice chairman of BOCHK.

"The steady expansion of RMB businesses is conducive to enhancing the international competitiveness of Hong Kong and further strengthening Hong Kong's status as an international financial center."

Launching its RMB trade finance business in Hong Kong in July 2009, BOCHK extended its RMB export invoice finance since February, planning to introduce RMB savings for trade settlement to the multi-currency savings account of its corporate customers from this July.