FOREIGN EXCHANGE | Cesar Tordesillas, Hong Kong

Standard Chartered HK first in 2-way RMB trade

Standard Chartered Bank Hong Kong has completed the first cross-border trade settlement transactions in RMB. This is following the official signing of the pilot programme with Bank of China Shanghai and Bank of China Hong Kong.One payment of RMB from Standard Chartered Hong Kong Limited was initiated by Chapman International Macao Commercial Offshore Limited, a subsidiary of Gennon Industires Limited, to Dongguan Ming Hoi Dyeing and Finishing Fty Co., Ltd.In order to settle an invoice of Dongguan Ming Hoi Dyeing and Finishing Fty Co., Ltd., Chapman opened a new Trade Settlement Enterprise account with Standard Chartered Bank Hong Kong and instructed the latter to make the payment.A second RMB payment was received by New Ocean Energy Holdings Limited RMB TSE account with Standard Chartered Hong Kong Limited from New Ocean Zhuhai. The transaction was received into Standard Chartered Bank Hong Kong Limited’s RMB Clearing Bank Account in Hong Kong.These two transactions make Standard Chartered the first international bank to facilitate two-way RMB denominated trade between Hong Kong and China. Additionally, foreign exchange conversion by Standard Chartered Hong Kong Limited provided the client with a comprehensive solution.Standard Chartered Hong Kong Limited also confirmed that it is the first bank to be ready to conduct end-to-end transactions for corporations in Greater China and ASEAN countries such as Singapore, Malaysia, Indonesia and Thailand over Straight2Bank, its award winning internet platform, as well as through host-to-host channels. Standard Chartered has the largest branch presence of any international bank in Asia giving it an unrivalled position to be bank of choice for RMB trade settlement."By leveraging our advantage in the RMB product and service offering, we are confident that we will be able to extend and strengthen our suite of RMB products and services to best serve the corporates in the Greater China and ASEAN region," said Ben Hung, Chief Executive Officer and Executive Director of Standard Chartered Bank Hong Kong Limited.Standard Chartered also announced an array of benefits on RMB services. Customers can enjoy four-month cash reward consecutively with average monthly deposits of every RMB20,000 or US$2,925. Total rate of return for new funds is up to 1.5 percent per annum rate of return. Also, remittance fee will be waived for settling RMB trade transactions with the RMB Trade Settlement Enterprise Account.

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