Friday, April 25, 2014   

AgBank, StanChart to offer UK yuan clearing
(12-02 19:22)

Agricultural Bank of China and Standard Chartered Bank will offer yuan clearing services in the United Kingdom, the first banks to do so.
The ABC and Standard Chartered signed a memorandum of understanding today, through which financial institutions and corporates can work with Standard Chartered UK and ABC UK to execute yuan transactions.
Clearing of yuan transactions in the UK is done through a very robust real time gross settlement system in Hong Kong through clearing banks in Taiwan and Singapore or through agent banks in China.
The yuan clearing services in the UK is expected to strengthen London's position as a leading offshore yuan center.
"London's position as a leading international financial center is enhanced by the ability to offer onshore clearing services that allow 'on-demand' access to settle yuan denominated services within the London time zone," said Peter Sands, Group CEO of Standard Chartered, in a statement.
The signing of this strategic cooperation agreement is another major move to foster "a stronger partnership in which we will jointly build the London offshore RMB center and promote the cross-border use of yuan," said ABC president Zhang Yun.--Xinhua

Other Business breaking news:
European equities rebound (04-24 19:13)
Spain cuts jobless rate to 25.73pc (04-24 18:15)
Bitcoin exchange MtGox to start liquidation process: lawyer (04-24 17:50)
Canon sees profit up on weak yen (04-24 17:36)
Draghi wants to publish ECB minutes (04-24 17:35)
Large Scania shareholder accepts Volkswagen bid (04-24 16:43)
German business confidence up in April (04-24 16:40)
Spain logs fastest growth in six years (04-24 16:39)
Hang Seng up, Shanghai down (04-24 16:37)
AstraZeneca drugs group says profits halved (04-24 16:08)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.