StanChart first in HK to facilitate renminbi trade locally

Standard Chartered Bank completed the first domestic RMB trade settlement transaction outside Mainland China. It follows the latest elucidation of supervisory principles and operational arrangements regarding RMB business in Hong Kong by the Hong Kong Monetary Authority.

This transaction makes Standard Chartered the first bank in Hong Kong to facilitate a RMB denominated trade locally. This is an important step in promoting RMB as an international trade settlement currency while enabling Hong Kong to be an important market for driving RMB businesses.

"This transaction demonstrates the positive reception of RMB services in Hong Kong and many corporates are interested to explore the opportunities and benefits of using RMB as a trade settlement currency. Standard Chartered has a large presence in Hong Kong giving it an unrivalled position to be bank of choice for RMB trade settlement," said Neil Daswani, Head of Transaction Banking, North-east Asia, Wholesale Bank of Standard Chartered HK.