Date
18 October 2017

Shanghai to set cross-border RMB settlement rules, paper says

The Shanghai free trade zone is on the verge of issuing detailed rules on cross-border renminbi settlement, National Business Daily reported Tuesday, citing an unnamed source. The rules will determine the boundaries of a deal five banks, including Bank of China Ltd. (03988.HK, 601988.CN) and Industrial and Commercial Bank of China Ltd. (01398.HK, 601398.CN), will sign Tuesday with five third-party payment service providers to expand cross-border RMB settlement in the zone, it said. In December, China unveiled a series of financial guidelines governing intra-group, two-way cross-border RMB sweeping for companies in the zone centralizing settlements between associated onshore and offshore entities.

Contact HKEJ at digest@ejinsight.com

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