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  • July 11, 2014
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  1. Real-time cross-border payment system agreed

    Posted Mar 13th 2009, 12:00am by Staff Reporter

    ... Natalie Chiu The mainland and Hong Kong have agreed to establish a cross-border payment arrangement for four currencies to enhance efficiency. From March 16, four mainland lenders would be able to use connected real-time gross settlement systems to make cross-border payments and settlements, the Hong Kong Monetary Authority said yesterday. Real-time settlement means payment ...

  2. BOC eyes cross-border yuan trade settlements

    Posted Apr 15th 2009, 12:00am by Staff Reporter

    ... Maria Chan Bank of China's vice-chairman yesterday said the country's largest foreign-exchange bank was gearing up to handle yuan-based cross-border trade settlements. Li Lihui ... in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan to settle cross-border trade deals in yuan. In December last year, the council said Hong Kong and Macau would be permitted to use yuan to settle ...

  3. Cross-border bank controls stronger

    Posted Aug 26th 2003, 12:00am by Raymond Ma

    ... that with the implementation of the MOU, the two regulatory authorities will be able to work together to enhance cross-border supervision of financial institutions in Hong Kong and the mainland.' Under the MOU, the two regulators will work together to ensure that a parent bank will exercise 'adequate and effective' control over the operations of their cross-border branches and subsidiaries. ...

  4. Yuan trade settlement yet to gain momentum

    Posted Sep 18th 2009, 12:00am by Staff Reporter

    ... it is still manageable,' he said. The yuan exchange rate had been stable in the past year, which was also why SMEs saw no urgency to settle their cross-border transactions in yuan. Stanley Wong ... the move could help traders minimise their exchange rate risk and offer another business opportunity for local banks. Hong Kong officials and many in the financial services industry were delighted ...

  5. Cashing in big on yuan trade

    Posted Apr 06th 2009, 12:00am by Staff Reporter

    ... cross-border traders for the first time to settle transactions in yuan. While the scheme is initially likely to be subject to strict limitations on who can benefit and where, the response among government officials, businesspeople and academics has been positive, as they eye the sizeable business opportunities it promises. At present, cross-border trade transactions are mostly settled ...

  6. Decision on renminbi transactions welcomed

    Posted Apr 10th 2009, 12:00am by Dennis Eng

    ... Dennis Eng and Maria Chan The decision to allow companies in Hong Kong and on the mainland to settle cross-border transactions in mainland currency will further the city's bid ... Tsang warmly welcomed the State Council's decision on Wednesday to launch a pilot programme for yuan-denominated cross-border trade settlements. 'First of all, this arrangement ...

  7. BOCHK tips 1m users for dual-pay credit cards

    Posted May 20th 2011, 12:00am

    ... economic integration between Hong Kong and the mainland, customers have increasing needs for cross-border and yuan financial service, creating more business opportunities for banks,' said He ... cent. BOCHK said the dual-currency commercial card also allows cross-border auto-pay service to settle electricity, gas bills and telecommunications bills. The dual-currency commercial card ...

  8. Boost for yuan to reboot market enthusiasm

    Posted May 23rd 2012, 12:00am

    ... Hong Kong and London. A new cross-border collateral management arrangement aimed at supporting yuan repo-transactions- which are short-term borrowing instruments for dealers in government ... market liquidity.' China also launched a cross-border yuan centre in Ruili, in the southwest province of Yunan, bordering Myanmar, yesterday, as the formerly isolated country opens up ...

  9. Yuan is for trade, HK banks warned

    Posted Jun 22nd 2011, 12:00am

    ... on 'clarifying cross-border RMB business related issues', was that mainland companies could no longer directly use foreign currency purchased offshore, including in Hong Kong, to pay offshore ... would be concerned because this would imply that a lot of the so-called cross-border trades completed in the past seven or eight months were suspicious. This would give 'all the more reason ...

  10. Yuan deposits soar 402pc to hit 314.9b yuan

    Posted Feb 01st 2011, 12:00am by Lulu Chen

    ... Although it did not break down the sources of yuan deposits, data from the HKMA showed cross-border trade settlement was a strong driver for yuan deposits in the city. Yuan remittance for cross-border trade settlement shot up 236 per cent to 100.9 billion yuan in the last four months of last year. An increase in Hong Kong's yuan deposits is part of the city's ambition ...




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