BOCHK, BCA sign agreement

BOCHK expands business of its RMB services by tapping Indonesian bank BCA.

According to a report in Trading Markets, Bank of China Hong Kong has signed an agreement for clearing and settlement of renminbi trade settlement business with Bank Central Asia.

Bank Central Asia will act as one of the direct participants for RMB real time gross settlement. In addition to providing a range of RMB services like deposits, foreign exchanges, remittances and trade finance, BCA will be able to participate in the RMB interbank money market in Hong Kong.

Gao Yingxin, executive director and deputy chief executive of Bank of China Hong Kong, said: "We are pleased that BCA has become the first Indonesia-based Participating Bank. Being the sole RMB clearing bank in Hong Kong, BOCHK enjoys unique edges in trade settlement between the Mainland and Hong Kong. We believe that BCA and other Participating Banks can take advantage of our comprehensive, professional and quality RMB trade settlement services."