August 28, 2019 | The Asian Banker
- Of all the RMB transactions cleared through Cross-border Interbank Payment System (CIPS), more than 50% were handled through Bank of China Group.
- With its extensive network and globally integrated clearing system, Bank of China provides efficient RMB clearing services to market players home and abroad.
- The bank enhances its RMB liquidity and product capabilities, and cast a positive impact on offshore RMB business in the long term.
Beijing, July 25th, 2019—Bank of China awarded Best RMB Clearing Bank at The Asian Banker China Awards 2019. The awards ceremony was held in conjunction with The Asian Banker Finance China 2019, the foremost annual meeting for decision-makers in the financial services industry in the Asia Pacific region, held at the Ritz-Carlton (Huamao Center), Beijing, China.
Standing from left: Richard Hartung, International Resource Director, The Asian Banker; Representatives from Bank of China; Wilson Chia, International Resource Director, The Asian Banker; Foo Boon Ping, Managing Editor, The Asian Banker
Of all the RMB cleared through Cross-border Interbank Payment System (CIPS), more than 50% were handled through Bank of China Group.
In 2018, Bank of China’s cross-border RMB clearing transactions totalled 389 trillion, up by 11% compared with the same period of the prior year, securing first place in the global market. In addition, Bank of China group accounted for more than 50% of Cross-border Interbank Payment System (CIPS) clearing value. Moreover, Bank of China continuously expanded its Cross-border Interbank Payment System (CIPS) indirect participant client bases. Bank of China group had 291 indirect participants till the end of 2018, maintaining first place in terms of market share.
With its extensive network and globally integrated clearing system, Bank of China provides efficient RMB clearing services to market players home and abroad.
Bank of China continuously improved its cross-border RMB clearing capabilities and consolidated its position at the leading edge of RMB clearing. Of the 24 countries and regions where People’s Bank of China had designated RMB clearing banks, 12 were served by Bank of China as this role. BOC had implemented continuous operation layout, providing 24-hour RMB clearing services as well as multi-language inquiry services.
The bank increases RMB liquidity and products, and has a positive impact on offshore RMB business in the long term
Bank of China is currently the leader in both cross-border and offshore RMB business. BOC can provide innovative products to mainland companies with overseas business, e.g. offshore RMB financing with BOC's guarantee/credit letter/information check. In addition, Bank of China worked continuously to create different channels to help a variety of overseas institutes invest in China. To help different market players observe the Chinese market, BOC has published two indexes -- the Cross-border RMB Index and the Offshore RMB Index, which timely track and reflect the cross-border circulation and use of RMB and wield relatively great influence in the market.
Finance China is the leading annual conference that brings financial institutions, regulators, policy makers, services providers to meet and share professional insights, work on detailed solutions and discuss the latest trends in the industry.
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Ms. Moira Zhan
The Asian Banker