RMB clearing amount jumps 14 pct in H1

By
Kam Leong

The total renminbi clearing amount in the city reached 709.7 billion yuan (MOP927.4 billion/ US$115.9 billion) during the first six months of the year, which is a jump of 14.31 per cent compared to the same period last year, said the vice director of the Bank of China Macau Branch (BOC Macau), Wang Jun.
The BOC Macau deputy director indicated last week during a meeting on Macau’s renminbi settlement businesses during the first half of 2015 that the city’s total renminbi clearing amount had boosted it to eighth biggest place for renminbi settlement from eleventh in the world.
Mr. Wang perceives that such significant growth in the amount of renminbi settlement in the city reflects that the business in the Chinese currency is getting more important in the Special Administrative Region.
More than 50 representatives from the city’s Monetary Authority, the Guangzhou Branch and Zhuhai Branch of the People’s Bank of China (PBOC), and local banking sector attended the meeting.
The national central bank PBOC’s Guangzhou Branch said during the meeting that it would speed up the establishment of the new China International Payment system (CIPS) – the cross-border renminbi payment system which aims to make the cross-border clearing business of the Chinese currency more efficient.
In addition, the parties also discussed the globalisation of renminbi business, the development of the renminbi clearing business in Macau, as well as renminbi securities and investment.
K.L.