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国内英语新闻:BOCHK to launch RMB trade clearing services in HK
HONG KONG, July 4 (Xinhua) -- The Bank of China (Hong Kong) Limited (BOCHK), the sole Renminbi (RMB) clearing bank in Hong Kong,true religion outlet|free embroidery design|merrel, announced here Saturday that it will launch RMB clearing services for trade settlement starting from Monday. BOCHK said it had singed a clearing agreement with the People's Bank of China in relation to RMB business, and will invite banks and other financial institutions participating in trade settlement to sign a new clearing and settlement agreement. On Wednesday, the People's Bank of China and other departments on the mainland jointly announced the "Administrative Rules on Pilot Program of Renminbi Settlement of Cross-Border Trade Transactions", allowing RMB settlement of cross-border trade transactions for the first time. "The initiation of the Pilot Program is of particular significance. It will increase the source channels and the usage of RMB funds,toy building element," said He Guangbei, vice chairman and chief executive of BOCHK. Under the Pilot Program,Gold A True Barometer Of Public Confidence - article by Good English Article Sites_9720,levi 512 jeans, enterprises will also have greater flexibility in selecting the settlement currency of cross-border trade transactions as well as increasing their capability to hedge exchange risk, minimize costs,cheap true religion|justin alligator boots|silver jewelry, and boost the efficiency and profitability of cross-border trade transactions, he said. BOCHK, as a participating bank of RMB business, will take the lead in launching a wide spectrum of RMB trade settlement and finance services for its corporate customers to conduct RMB- denominated trade transactions such as remittances, collections and L/C services between Hong Kong and Shanghai, Shenzhen, Guangzhou, Dongguan and Zhuhai,baby building blocks, said the vice chairman.