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Renminbi trade settlement pilot scheme The launch of the pilot scheme for cross-border trade settlement in renminbi (the Pilot Scheme) on 6 July was a significant milestone in the continuing development of renminbi business in Hong Kong. The scope of renminbi banking has been expanded. RMB Cross-border Trade Settlement Product Description According to RMB cross-border trade settlement pilot scheme promoted by People’s Bank of China and its rules and related regulations, Bank of China Ltd London Branch provides various types of cross-border RMB products and RMB trade finance products, such as Letters of Credit, Documentary Collection, Telegraphic Transfer, Letter of . 24/01/ · Under the RMB Trade Settlement Scheme, eligible enterprises in Mainland China can settle trade with companies in Hong Kong, Macau and ASEAN (the Association of Southeast Asian Nations) in RMB, while companies outside of these regions can use Hong Kong as a platform to conduct their RMB bundestagger.deted Reading Time: 6 mins. Expansion of the RMB trade settlement pilot scheme The Mainland locations that are covered by the cross-border RMB trade settlement pilot scheme have been extended and now cover 18 other provinces and cities in addition to Guangdong Province (now the entire province) and Shanghai. At .
By Lu Jianxin , Jacqueline Wong. SHANGHAI Reuters – China has launched a pilot programme to allow companies to settle imports and exports in yuan in some regions, marking a big step toward eventually internationalizing the currency. Six Shanghai companies signed contracts with counterparts in Hong Kong and Indonesia on Monday to be the first to settle business deals in the Chinese currency, also known as the renminbi.
Executives said the move would save costs and avert exchange rate risks. Bank of China SS HK and Bank of Communications HK were the first to clear transactions in yuan, considered a lucrative business given China’s expanding economy and presence in international trade. HSBC HK HSBA. L said it completed its first yuan trade settlement with Shanghai and its first cross-border yuan credit transaction.
Caught off guard and partly lacking the skills to hedge against foreign exchange volatility, many small Chinese exporters have closed shop after China revalued the yuan by 2. The yuan has appreciated by a further 19 percent against the dollar since then.
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Pieter Bottelier. Since late , in response to the international financial crisis, China has intensified efforts to promote the RMB as an international currency for 1 trade settlement, 2 offshore financial markets and 3 direct investment abroad. Significant progress in the first two has already been made. It is not knownif China will go beyond limited forms of RMB internationalization.
Although it would be good for China and good for the world if the RMB became a fully-fledged international reserve currency, competing with the dollar and the euro, it is not clear that China will take all measures necessary to make that possible. Beijing would have to remove many capital account restrictions and domestic financial controls that it currently employs for economic and political purposes, including the management of a repressed financial system.
A limited role for the RMB as reserve currency is still possible, even in the absence of full convertibility. Malaysia recently invested a small portion of its forex reserves in RMB-denominated financial instruments, probably for political reasons and perhaps on the basis of a special convertibility agreement with Beijing. RMB internationalization started in when Hong Kong residents were permitted to open limited RMB accounts with Hong Kong banks.
By the amount of RMB on deposit in Hong Kong had grown sufficiently large to permit modest RMB bond issues in Hong Kong by selected mainland financial institutions. In that market was opened to many issuers in the PRC, including foreign corporations. The push to promote RMB as a trade settlement currency started in July when China permitted a limited number of mainland corporations and banks to engage in RMB-financed trade with Hong Kong on a trial basis.
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This article builds on the work of Cockerell and Shoory by describing developments in the onshore and offshore RMB markets, and the linkages between them, over the past year. In light of China’s position as Australia’s largest trading partner, the article also discusses the implications of these developments for Australian firms, drawing on the results of a survey conducted for the inaugural Australia-Hong Kong RMB Trade and Investment Dialogue in April The Chinese economy has experienced rapid growth over the past decade, underpinned by a range of reforms that have seen the economy become more market oriented see, for example, Sadeghian, White and D’Arcy These reforms have included a gradual move towards a more market-determined exchange rate and incremental liberalisation of the capital account.
As China moves towards a more market-determined exchange rate regime, Chinese firms engaging in trade and financial transactions with the rest of the world will increasingly need to find ways to manage their foreign currency risk. This could be done through hedging, but local currency denomination of trade and financial transactions offers a simpler — and potentially less costly — alternative, particularly for small and medium-sized enterprises.
Reforms aimed at increasing the use of the RMB in international trade and financial transactions serve to transfer the associated foreign currency risk to the foreign counterparties of those transactions that, at least at present, may be better able to manage it. The increased use of RMB in trade and financial transactions between Chinese residents and non-residents can be thought of as initial steps in the longer-term process of internationalising the RMB.
But there also appears to be scope for further growth in RMB-denominated cross-border financial transactions over time, with China currently accounting for around 6 per cent of gross global capital flows of which a large portion is in the form of foreign direct investment , compared with around 17 per cent for the United States.
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This service covers the import and export of goods between China and Hong Kong, Macau and the 10 ASEAN countries. The five Chinese cities in this scheme are Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. Chinese corporations designated to participate in this programme scheme are known as Mainland Designated Eligible MDE corporations. As this list will be updated when new Chinese corporations join as MDEs, please obtain the latest list of MDEs from your Relationship Managers.
RMB Trade Settlement is restricted to trade transactions such as Letters of Credit, Documentary Collections, Bank Guarantees and Open Account Trade. This RMB Trade Settlement Service is available at both our Trade Finance Processing Centres at Maybank Textile and Maybank Bedok. For more information, please contact Ms Priscilla Yan Textile Trade Finance Processing Centre on or Ms Jessie Wong Bedok Trade Finance Processing Centre on Contact us for more information.
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Under the RMB Trade Settlement Scheme, eligible enterprises in Mainland China can settle trade with companies in Hong Kong, Macau and ASEAN the Association of Southeast Asian Nations in RMB, while companies outside of these regions can use Hong Kong as a platform to conduct their RMB trade. So, what was previously impossible because of a non-convertible currency has now become allowed: paying RMB invoices issued from Mainland-suppliers and receiving RMB payments from Mainland based customers.
In fact, some of the banks have automatically added a RMB account without further charges to any integrated multi-currency account. Conducting RMB denominated trade settlement beyond the previously selected cities in mainland China provided in China Focus Jan is possible subject to approval. The applying company must have a sound Custom record in terms of the Customs rating system. If you have a Hong Kong company and want to find out if your Mainland customers or group daughter companies are eligible, we suggest approaching a local office of the PBOC.
As counterparties, all companies from Hong Kong, Macau and ASEAN member countries can participate. Currently leading local banks have the most experience. If your company is frequently sourcing products from China suppliers you can in future consider asking for a quotation in RMB or even better, both in USD and RMB. And since many less sophisticated suppliers may not use hedging instruments but rather calculate a few extra cents to cover fluctuations, they may feel more comfortable in trading in RMB anyhow.
Apart from that, for the first time it gives a Hong Kong company the opportunity to exchange and keep RMB offshore which could be interesting in light of a possible revaluation of the RMB. Last but not least, in many cases Hong Kong offers more favourable RMB exchange rates than many other countries. With the expansion of the scheme, trade and invoicing in RMB becomes possible between a Hong Kong supplier and Mainland customers.
Transactions with some of these customers may have been previously out of reach because they had no foreign exchange available or did not want to take the trouble to get clearance from the State Authority of Foreign Exchange SAFE for payment of goods from overseas.
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HONG KONG, July 2 Xinhua — The pilot scheme for cross-border trade to be settled in renminbi RMB between certain enterprises in five mainland cities and their trading counterparts outside the mainland marked another milestone for the renminbi business in Hong Kong, Hong Kong Monetary Authority Chief Executive Joseph Yam said Thursday.
The launch of the pilot scheme has to be supported by yuan- denominated trade finance, which in turn has to be supported by access to renminbi, Yam said. The banks can obtain renminbi either through interbank transactions using available renminbi liquidity in the system, or through their access to the renminbi market on the mainland, subject to certain limits set by the mainland authorities.
What is important is, however, that the supporting financial infrastructure will be further developed and Hong Kong will be even more ready to handle other types of transactions denominated in renminbi as they come along, he wrote. Yam recalled how he raised the possibility of developing renminbi business in Hong Kong with mainland financial authorities on a visit to Beijing in , which marked the beginning of the development of renminbi business in Hong Kong.
Renminbi deposits, remittances, exchange and credit cards were introduced in Hong Kong in , followed by the introduction of renminbi checks in and the issue of renminbi bonds by mainland banks in The pilot scheme was another breakthrough. This is the key to the maintenance of the status of Hong Kong as an international financial center,“ Yam concluded.
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The “trade settlement scheme” introduced in stages since by China’s State Council, allows the People’s Republic of China (PRC) international trade to be settled in RMB. The. The launch of the RMB trade-settlement scheme in July (the “Pilot Scheme”) and its expansion in July encourages traders outside of China to use the RMB as a medium of exchange, which is important for the RMB to become an international reserve currency. This formed the backbone of the RMB offshore centre in the Hong Kong Special.
Workplace Banking. Outward Remittance Fees. Call us at Mondays to Fridays, 9. Request a Callback. Visit any UOB Branch. Contact your Relationship Manager or Call us at Mondays to Fridays, 9. Global, Regional and Economic News. Doing Business in ASEAN. UOB Enterprise Reports. Email us. You are required to provide the necessary supporting documents to confirm that it is an eligible trade transaction.
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