Banks join hands on yuan clearing services
Print Edition
Standard Chartered Bank is partnering the Agricultural Bank of China to provide yuan clearing services in the UK, paving the way for the development of offshore yuan products.
The British lender said it signed a memorandum of understanding with AgBank, China’s third biggest lender, to provide yuan clearing services to financial institutions and other corporations in the UK to benefit from the yuan’s internationalization. It is hoped the MOU will boost London’s position as a leading offshore yuan center.
London currently handles 60 percent of the yuan foreign exchange trade in the world, the UK bank said. Settlement in yuan will become available within the London time zone on China’s national holidays, said Standard Chartered.
“The strategic partnership with AgBank is not only a win-win for both parties, but also an opportunity for us to collaborate and offer our respective clients with opportunities to leverage relevant expertise for growth,” Peter Sands, group CEO of Standard Chartered, said in the statement yesterday.
“London’s position as a leading international financial centre is enhanced by the ability to offer onshore clearing services that allow ‘on-demand’ access to settle RMB denominated services within the London time zone,” he said. “The opportunity to boost RMB liquidity in London could be used to fund large investment projects and support the development of other financial activities.”
AgBank and Standard Chartered will act as local yuan clearing agents to provide trade, investment and financing services to market players in London, said Zhang Yun, president of AgBank.
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