RMB Payment and Clearing Services
In November 2014, following appointment as RMB clearing bank by the People’s Bank of China, Bank of China Sydney Branch established the RMB Clearing Centre in charge of the RMB clearing bank’s clearing operations. Employees of the Clearing Centre are experienced in multiple currency clearing operations and are familiar with the relevant cross-border RMB business regulations. They can promptly track receipts and payments of the participating banks and resolve any problems as necessary.RMB Clearing Service is provided on Australian Public Holidays.
1.CLEARING CHANNEL
Subject to relevant Australian laws and regulations and to relevant regulatory requirements of the People’s Bank of China, Bank of China Sydney Branch will provide clearing services for participating banks via the most appropriate clearing channel.
(1) BOC-ASX RMB Settlement Service
Bank of China Sydney Branch and ASX jointly provide local RMB real time settlement services for participating banks.
(2) Cross-border and Offshore RMB Clearing
With Bank of China’s extensive global payments system and RMB clearing network, Bank of China Sydney Branch is able to provide efficient and fast clearing services for participating banks through the STP (Straight Through Process) via the hubs at Bank of China Shanghai RMB Trading Unit and Bank of China Hong Kong and via Bank of China branches all over the world.
2.RMB NOTES WHOLESALE SERVICE
Bank of China Sydney Branch provides RMB banknote wholesale services for local institutions as needed.
3.Onshore RMB FX Service
(1)Position Squaring Service
With the authorisation of the People’s Bank of China, Bank of China Sydney Branch will apply to become a member of the China Foreign Exchange Trade System and enter the interbank foreign exchange market in China to conduct position squaring services for the RMB exchange business and provide best offers.
(2)Liquidity Support
Subject to the relevant regulatory requirements of the People’s Bank of China, Bank of China Sydney Branch can enter into the China Foreign Exchange Trade System and the National Interbank Funding Centre as an RMB clearing bank to obtain RMB funds from Chinese onshore markets and to provide liquidity support for participating banks in offshore markets. In addition, Bank of China Head Office will provide liquidity support for Bank of China Sydney Branch.
