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Simplified cross-border yuan trade lauded by foreign banks
By Hu Xiaocen |
July 12, 2013, Friday
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Online Edition
Online Edition
THE People's Bank of China recently announced a series of measures to simplify cross-border yuan transactions and to further promote yuan's international profile. The move is welcomed by many foreign banks in the country.
HSBC Bank (China) Co Ltd said it has completed its first simplified cross-border trade settlement in yuan for an electronic equipment manufacturer today. The payment was made for its imports from Singapore.
"According to a survey we did last year, 53 percent of our corporate clients said the complexity of cross-border yuan transaction was one of the challenges they face," Helen Wong, president and chief executive officer of HSBC China, said in a statement today.
"The new measures will help simplify the process and make cross-border yuan payments more convenient. They also provide more options for enterprises in terms of cross-border treasury management and contribute to yuan's internationalization," she said.
Frankie Au, head of renminbi products of transaction banking at Standard Chartered Bank for Asia, said the Chinese central bank is shifting the cross-border yuan business from the trial stage to day-to-day operation.
"The simplified documentation and shortened payment process will allow more companies to enjoy efficient liquidity management and inter-corporation lending," he said.
After the Chinese yuan joined the ranks of international trade currencies, many analysts expect it to go on to become a global investment currency.
There's a need to develop other avenues to replenish the offshore yuan liquidity pool, which requires the mainland to shift the focus of yuan reforms from current account to capital account convertibility, said DBS Bank today.
HSBC Bank (China) Co Ltd said it has completed its first simplified cross-border trade settlement in yuan for an electronic equipment manufacturer today. The payment was made for its imports from Singapore.
"According to a survey we did last year, 53 percent of our corporate clients said the complexity of cross-border yuan transaction was one of the challenges they face," Helen Wong, president and chief executive officer of HSBC China, said in a statement today.
"The new measures will help simplify the process and make cross-border yuan payments more convenient. They also provide more options for enterprises in terms of cross-border treasury management and contribute to yuan's internationalization," she said.
Frankie Au, head of renminbi products of transaction banking at Standard Chartered Bank for Asia, said the Chinese central bank is shifting the cross-border yuan business from the trial stage to day-to-day operation.
"The simplified documentation and shortened payment process will allow more companies to enjoy efficient liquidity management and inter-corporation lending," he said.
After the Chinese yuan joined the ranks of international trade currencies, many analysts expect it to go on to become a global investment currency.
There's a need to develop other avenues to replenish the offshore yuan liquidity pool, which requires the mainland to shift the focus of yuan reforms from current account to capital account convertibility, said DBS Bank today.
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