First Cross-Border Yuan Clearing Trade Expected Today

By Maggie Zhang | July 6, 2009, Monday |

Print Edition

THE first cross-border trade in yuan settlement is scheduled to kick off today in Shanghai.

A Shanghai Electric Group Co affiliate is expected to receive its cross-border transaction payment from Hong Kong via the Shanghai branch of the Bank of China today. The Shanghai branch of the Bank of Communications is also expected to get its first cross-border transaction payment on behalf of Shanghai Silk Group Co today.

The Beijing-based Bank of China is scheduled to sign yuan clearing agreements today with 11 overseas banks such as Standard Chartered Bank, the Bank of East Asia and OCBC Bank. The Bank of China, the biggest foreign currency bank in the country, will also open yuan clearing accounts at its 17 overseas outlets today to smooth future transactions.

Shanghai-based BoCom will make similar clearing agreements with eight banks, including Hong Kong and Shanghai Banking Corp and Hang Seng Bank.

It is expected that about 100 companies will participate the yuan settlement trial in Shanghai. To run the yuan settlement, offshore banks have to ink clearing deals with an onshore agent bank or seek clearing services from the Hong Kong and Macau branches of the Bank of China.

Economy

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First Cross-Border Yuan Clearing Trade Expected Today

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