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Standard Chartered HK says it has qualified as direct CIPS offshore participant -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Standard Chartered’s logo is seen at the main office in Hong Kong (China), Aug. 1, 2017. REUTERS/Bobby Yip

SHANGHAI (Reuters) – Standard Chartered Bank Hong Kong Ltd (OTC) said Monday that it was the first foreign institution to become a participant in China’s Cross-border Interbank Pay System (CIPS) from outside of mainland China.

China’s People’s Bank of China (PBOC) supported China’s CIPS clearing and settlement system system. It was launched in 2015 by China to increase international yuan consumption. Global banks can now transact cross-border transactions in yuan directly from their shores, rather than through hub clearing banks.

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