Bank of China (Hong Kong), the Renminbi (RMB) clearing bank, has signed agreements for clearing and settlement of Renminbi trade settlement with a number of commercial banks in ASEAN and other related regions and countries.
These newly-joined RMB participating banks in ASEAN countries include Bank Central Asia, Bank of China Bangkok branch, Bank of China Manila branch, Bank of China Jakarta branch, Bank of China Singapore branch and Bank of China (Malaysia) Berhad.
The participating banks will also act as direct participants for RMB real time gross settlement in Hong Kong. In addition to providing a range of RMB services like deposits, foreign exchanges, remittances, bonds and trade finance for their corporate clients in trade settlement, these banks will be able to participate in the RMB interbank money market in Hong Kong and provide other RMB businesses as approved by the related regulatory authorities.
