ICBC boss wants more banks to join yuan clearing

Monday, June 10, 2019

Industrial and Commercial Bank of China (1398) president, Gu Shu, hopes more banks in Hong Kong will be able to directly participate in supporting yuan cross-border interbank payment system.

At present, the Bank of China (Hong Kong) (3988) is  the only clearing bank for yuan business in Hong Kong.

He also suggested that Hong Kong's Faster Payment System be linked with the central bank's payment system.

Hong Kong Interbank Clearing was engaged by Bank of China (Hong Kong), the clearing bank for yuan  business in Hong Kong, to develop a yuan settlement system.