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2017-05-16

Multinational Bank Launches International Road Act to Push RMB Trade Settlement

At present, China has expanded the scope of cross-border RMB trade pilot to the world. It is reported that some of the world's largest banks have launched international road shows, urging corporate customers to use RMB instead of US dollars in trade with China.
Among them, HSBC and Standard Chartered Bank are choosing to use RMB settlement business to provide transaction fees and other financial incentives. Other global banks, including Citigroup and JPMorgan Chase, also held road shows in Asia, Europe and the United States to promote renminbi settlement services to businesses.
"JP Morgan's strong interest in renminbi settlement is a strategic consideration, and it is believed that it will be a strong growth point for future business development," said JP Morgan China's director of fund and securities services, which has recently increased interest in cross-border renminbi trade settlement. Citigroup Global Business and Financial Trading Services Hong Kong Director Ling Jiamin said that more and more Chinese companies have recently asked foreign trading partners to accept RMB payments. Spain's second-largest bank, Bank of Spain, is also designing a global marketing campaign focused on Latin American exports to China.
Standard Chartered Bank Chief Risk Officer Niu Jia - geng told reporters, "So far the Bank has included Hong Kong, ASEAN, Europe, Africa and many other overseas firms to open a RMB agent settlement account.
Data show that from the beginning of the pilot to the end of July, the bank accumulated cross-border trade RMB settlement business reached 91.642 billion yuan; and the actual occurrence and payment of RMB outside the country and foreign countries and regions have reached 30.