OREANDA-NEWS. September 10, 2014. Executive Vice President of BOC Yue Yi revealed at the release conference for 2014 interim results that BOC would be deeply involved in the RMB internationalization process to vigorously support the global circulation of the currency, and strive to become the bank providing the best RMB internationalization business. One of the specific measures is that the daily service time of BOCHK's RMB clearing system will extend to 20.5 hours with effect from October 1, which will make the system offer the longest RMB clearing service time worldwide.

Since 2014, with the further acceleration of RMB internationalization, Chinese banks have become more active in this business sector. Yue Yi expressed that by fully leveraging the Group's overall advantages, and coordination between the Head Office and branches, and between domestic and overseas institutions, BOC has established a leading position in the market in terms of the product system, clearing channels, the number of customers and specialized technology for RMB internationalization, and gradually entrenched its image as a major conduit in the market.

Statistics show that, in the first half of 2014, cross-border RMB settlements completed by the Bank reached RMB2.79 trillion, up 63% year on year, placing it at a world-leading position. Among which the portion completed by its domestic institutions was RMB1.29 trillion, ranking first by market share among its domestic peers. As for RMB clearing business, BOC has set up a 7?24h global RMB clearing service network underpinned by its two centers in Hong Kong and Shanghai, and its cross-border RMB clearing volume in the first six months amounted to RMB112.5 trillion, up 98.7% year on year, leading the market worldwide. BOCHK, Macau Branch, Taipei Branch and Frankfurt Branch have been successively designated by the People's Bank of China as RMB clearing banks. So far, BOC has opened over 1,100 RMB clearing accounts for banks in more than 100 countries and regions, and basically established an integrated RMB clearing network serving customers around the world.

As for RMB internationalization products, BOC has been a constant leader by market share in terms of overseas RMB deposit/loan scales, and realized rapid development of products concerning cross-border RMB trade finance, project finance, currency exchange and RMB banknotes. It was the first market maker for direct RMB-NZD transactions; successfully issued "Oceania Bonds" in Australia and "Schengen Bonds" in Luxembourg, which were the first batch of RMB bonds issued in local markets; and entered into comprehensive strategic cooperation agreements with Deutsche Borse Group and the London Stock Exchange.

BOC has further promoted system consolidation of the Group in Europe, Africa and the Americas, thereby providing system and platform support to the development of RMB internationalization business. In addition, it has exclusively compiled and issued the White Paper on Cross-border RMB Business, 'Cross-border RMB Index' (CRI), and 'Offshore RMB Index' (ORI), among other professional research results, which timely track and reflect the cross-border circulation and use of RMB and wield relatively great influence in the market.

"The strategic objective of our RMB internationalization business is to dominate and lead the market, and become the best bank in this area, including becoming a major conduit for global RMB clearing business, a major service provider for offshore RMB business, a major quotation bank and market marker for RMB exchange rate/interest rate products." Yue Yi added that, "BOC will be deeply involved in the RMB internationalization process and support the international circulation of RMB in an all-round manner."

To fulfill the above objectives, BOC, by taking unsparing efforts, will leverage the policy premium and build a market-leading global RMB product system; promote the development of its system capacity and consistently enhance its global RMB clearing capability; strengthen coordinated planning for its RMB assets and liabilities and promote balanced development of business structure; reinforce market cultivation and research and employ a variety of tools to lead market development.

Starting from October 1, BOCHK's daily RMB clearing service will be extended to 5:00 am on the following day, with a system run time of 20.5 hours, making it the first RMB clearing service system offering the longest service time worldwide and covering time zones in Europe, Americas and Asia. Along with which, BOCHK will also launch 24-hour query service. This move will allow the Bank to provide more comprehensive clearing services to the world's major financial institutions and make full preparations for the rollout of "Shanghai-Hong Kong Stock Connect" and product diversification in offshore markets.