|
On 12th April, 2012, Bank of China (“BOC”) held “Cross-border RMB Business Promotion Conference” in London, UK. Mr. Chen Si Qing, the Executive Vice President from the Head Office of BOC was present at the conference and gave a presentation on the background and relevant policies of cross-border RMB business. Over 150 representatives from Bank of England, City of London, Financial Services Authorities, Chinese Embassy to the UK, Chinese and British financial institutes and enterprises participated in the conference.
The theme of the conference is “RMB, new choice for international trade and investment”. According to Mr. Chen Si Qing, the Executive Vice President from the Head Office of BOC, the development of trade between China and the UK has been consolidating, and the cross-border use and circulation of RMB keep increase gradually. RMB, with relative stable value, is becoming the new choice for global trade and investment among enterprises. The cross-border RMB policy framework covering diverse business has been substantially established since the launch of the pilot program of cross-border RMB settlement in 2009. The cross-border use of RMB has expanded from trade to investment, and the offshore markets such as Hong Kong have taken shape. In the foreseeable future, the channels for cross-border RMB flows are supposed to be further expanded to ensure the sound cross-border RMB circulation and facilitate enterprises both in China and overseas to use RMB in economic and trade activities. During the process, BOC has been committed to providing its customers with quality and effective cross-border RMB comprehensive service solutions to underpin the liberalization and convenience of global trade and investment.
During the conference, experts from the Corporate Banking Unit, the Financial Market Unit, the Operation Service Unit and Overseas Institution Management Department of the Head Office, BOC (Hong Kong) and BOC London Branch answered the questions raised by attendees.
BOC was established in 1912 and is the only Chinese bank with a century-long continuous operating history. In 2011, BOC was recognized as a global systemically important bank, the only commercial bank from emerging economies and developing countries. Cross-border RMB business is BOC’s strategic competitiveness. In 2011, BOC Group completed cross-border RMB settlement for thousands of industrial and commercial customers in such sectors as electric power, telecom equipment, electronics, consumer goods, mining and agricultural products, with an amount of over RMB1.7 trillion and remaining the global leading position. Of which, the business volume of Mainland institutions exceeded RMB780 billion, taking the largest market share of more than 30%, while BOC (Hong Kong) and other 23 overseas institution nearly RMB1 trillion.
Until now, BOC has opened over 600 cross-border RMB clearing accounts for overseas participating banks, preliminarily setting up the global network of RMB clearing services. BOCHK and BOC Macao Branch are the only RMB clearing houses in Hong Kong and Macao designated by PBOC respectively, serving local customers with extraordinary advantages.
BOC offers the customers a full range of tailor-made cross-border and overseas RMB financial products, including settlement, clearing, trade financing, deposits, loans, project financing, banknote distribution, account services, wealth management and treasury, etc.
|
