Extended yuan trade business popular
Source: Xinhua |
June 24, 2010, Thursday
|
Print Edition
Print Edition
BANK of China (Hong Kong) Ltd sealed 34 transactions of yuan trade settlement on Tuesday, the first day the cross-border yuan trade settlement program was expanded on the Chinese mainland, the bank has said.
The sole clearing bank of yuan 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 was increased from five to 20.
The expanded pilot program "covers the major economic regions of the Chinese mainland" and provides greater convenience to domestic and global customers, said He Guangbei, vice chairman of BOCHK.
"The steady expansion of the yuan business is conducive to enhancing the international competitiveness of Hong Kong and further strengthening its status as an international financial center," he said.
Launching its yuan trade finance business in Hong Kong in July 2009, the bank has extended the business since February and it plans to introduce yuan savings for trade settlement to multi-currency savings accounts of its corporate customers next month.
The sole clearing bank of yuan 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 was increased from five to 20.
The expanded pilot program "covers the major economic regions of the Chinese mainland" and provides greater convenience to domestic and global customers, said He Guangbei, vice chairman of BOCHK.
"The steady expansion of the yuan business is conducive to enhancing the international competitiveness of Hong Kong and further strengthening its status as an international financial center," he said.
Launching its yuan trade finance business in Hong Kong in July 2009, the bank has extended the business since February and it plans to introduce yuan savings for trade settlement to multi-currency savings accounts of its corporate customers next month.
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