First offshore CIPS clearing completed
Jul 18, 2016
Standard Chartered HK starts CIPS cross-border Rmb payments
SC has become the first foreign bank in the offshore market that can participate in the global clearing platform for Rmb with two large Greater Bay Area-based firms taking part in the launch.
As demand rises globally for the internationalisation of the Renminbi (Rmb), Standard Chartered (Hong Kong) has commenced cross-border Rmb clearing services in China’s Cross-border Interbank Payment System (“CIPS”).
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