20 October 2017
Register now

Euroclear Bank to settle transactions in Chinese Renminbi

13 September 2010  |  4401 views  |  0 Source: Euroclear Bank

Euroclear Bank announces today that clients will be able to settle transactions and deposit Eurobonds and Hong Kong domestic securities denominated in the Chinese Yuan Renminbi (CNY, often referred to as RMB) in Euroclear Bank, the international central securities depository.

The first transactions in Renminbi may be settled on 27 September.

Olivier Grimonpont, Regional Head and General Manager of the Euroclear Bank branch office in Hong Kong, said: "With a consistent presence in Asia since 1987 and a comprehensive operations centre in Hong Kong, Euroclear Bank is ideally positioned to support the booming Renminbi- denominated securities market. As offshore borrowers look to raise funding in Renminbi or to broaden their investor base, investors will be able to settle these transactions in Euroclear Bank and eliminate foreign-exchange risk by having to settle in alternative currencies. The steady supply of Renminbi Eurobond issues to date, with ever-increasing sizes and tenors, demonstrates a growing market appetite for these securities. Euroclear Bank aims to take an early and significant role in servicing these securities for issuers and investors alike."

According to the People's Bank of China, the volume of global trade settled in Renminbi has grown from 3.6 billion in the first half of 2009 to 70.6 billion in the first half of 2010. The People's Bank of China and the Hong Kong Monetary Authority recently reached an agreement for the offshore Renminbi business to be supported in Hong Kong.

The Yuan Renminbi is the 53rd settlement currency offered by Euroclear Bank.


Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlRegister nowvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
16099 views comments | 12 tweets | 4 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8351 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8046 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7336 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6687 views comments | 10 tweets | 21 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job