2009年7月9日星期四

MHCB Hong Kong To Provide RMB-Denominated Trade Transactions

"MHCB Hong Kong To Provide RMB-Denominated Trade Transactions | AboutHK.Com - more information about HK"

MHCB Hong Kong To Provide RMB-Denominated Trade Transactions

Staff Reporter

Mizuho Corporate Bank's (MHCB) Hong Kong Branch concluded an agreement with the Bank of China (Shanghai Branch) concerning the opening of trade settlement accounts to handle RMB-denominated trade settlement transactions.

Previously, trade settlement with Chinese companies had to be carried out using the US dollar or other foreign currencies. However, following this agreement financing and settlement of trade transactions with China can be denominated in RMB.

The bank claims as part of the internationalization of the RMB, the People’s Bank of China announced a pilot program allowing RMB-denominated trade settlement between designated companies in Shanghai and in four major cities of Guangdong Province and Hong Kong, Macao, and ten ASEAN countries, starting on July 1, 2009.

The bank states the excluding Chinese banks, MHCB is the first group of banks to commence this RMB settlement business. MHCB expects that this will provide faster settlement for cross-border trade with China, by reducing RMB foreign-exchange risk, and enable funds management for customers who wish to develop and expand transactions with the Designated Companies.

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