Pressemitteilung BoxID: 372490 (Euroclear UK & Ireland)
  • Euroclear UK & Ireland
  • 33 Cannon Street
  • EC4M 5SB London
  • Ansprechpartner
  • Martin Gregson
  • +32 (2) 326-4186

Euroclear Bank to settle transactions in the Chinese Yuan Renminbi

(PresseBox) (Brussels, ) Euroclear Bank announces today that clients will be able to settle transactions and deposit Eurobonds and Hong Kong domestic securities denominated in the Chinese Yuan Renminbi (CNY, often referred to as RMB) in Euroclear Bank, the international central securities depository. The first transactions in Renminbi may be settled on 27 September.

Olivier Grimonpont, Regional Head and General Manager of the Euroclear Bank branch office in Hong Kong, said: "With a consistent presence in Asia since 1987 and a comprehensive operations centre in Hong Kong, Euroclear Bank is ideally positioned to support the booming Renminbi- denominated securities market. As offshore borrowers look to raise funding in Renminbi or to broaden their investor base, investors will be able to settle these transactions in Euroclear Bank and eliminate foreignexchange risk by having to settle in alternative currencies. The steady supply of Renminbi Eurobond issues to date, with everincreasing sizes and tenors, demonstrates a growing market appetite for these securities. Euroclear Bank aims to take an early and significant role in servicing these securities for issuers and investors alike."

According to the People's Bank of China, the volume of global trade settled in Renminbi has grown from 3.6 billion in the first half of 2009 to 70.6 billion in the first half of 2010. The People's Bank of China and the Hong Kong Monetary Authority recently reached an agreement for the offshore Renminbi business to be supported in Hong Kong.

The Yuan Renminbi is the 53rd settlement currency offered by Euroclear Bank.

Euroclear UK & Ireland

Euroclear Bank provides settlement and related securities services for crossborder transactions involving domestic and international bonds, equities, derivatives and investment funds. Serving major financial institutions located in more than 90 countries, Euroclear Bank, based in Brussels, is part of the Euroclear group. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings.

The Euroclear group also includes Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns Xtrakter, operator of the TRAX trade matching and reporting system. The Euroclear group settled the equivalent of more than EUR 514 trillion in securities transactions in 2009, representing 180 million domestic and crossborder transactions, and held more than EUR20 trillion in assets for clients.