August 19, 2022
Standard Chartered HK says it has qualified as direct CIPS offshore participant 1

Standard Chartered HK says it has qualified as direct CIPS offshore participant

SHANGHAI : Standard Chartered Bank (Hong Kong) Ltd said on Monday that it has become the first foreign bank qualified as a direct participant in China’s Cross-border Interbank Payment System (CIPS) outside mainland China.

Backed by the People’s Bank of China (PBOC), China launched the CIPS clearing and settlement services system in 2015 to internationalise yuan use. It allows global banks to clear cross-border yuan transactions directly onshore, instead of through clearing banks in offshore yuan hubs.

 
Share this

Leave a Reply

Your email address will not be published.

Weather Today (31) Showers expected in several provinces - BPN TODAY Previous post Fairly heavy showers expected in parts of the country
Arruabarrena takes over from van Marwijk as UAE coach Next post Arruabarrena takes over from van Marwijk as UAE coach