Related News
Payment network enhances linkage
By Belinda Cao |
01:27 UTC+8 March 13, 2009
|
Print Edition
Print Edition
Chinese mainland and Hong Kong will connect their foreign-currency payment and clearing systems from next Monday to cut cross-border payment risks and costs, the People's Bank of China said yesterday.
Mainland banks can make cross-border payments and settlements in Hong Kong dollars, United States dollars, euros and pounds through the connected network, based on a memorandum between China's central bank and the Hong Kong Monetary Authority, the PBOC said. Settlements in more currencies will be allowed based on market demand. The linkage will improve "multi-currency payment efficiency" and also "capital turnover efficiency of participating banks," it said.
Four mainland banks - China Construction Bank, the Bank of China, the Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank - will become the first to carry out such settlements. The branches of CCB, BOC, ICBC and Citibank (Hong Kong) Ltd have been appointed as the Hong Kong agent banks for the mainland lenders.
Mainland banks can make cross-border payments and settlements in Hong Kong dollars, United States dollars, euros and pounds through the connected network, based on a memorandum between China's central bank and the Hong Kong Monetary Authority, the PBOC said. Settlements in more currencies will be allowed based on market demand. The linkage will improve "multi-currency payment efficiency" and also "capital turnover efficiency of participating banks," it said.
Four mainland banks - China Construction Bank, the Bank of China, the Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank - will become the first to carry out such settlements. The branches of CCB, BOC, ICBC and Citibank (Hong Kong) Ltd have been appointed as the Hong Kong agent banks for the mainland lenders.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
