Standard Chartered Bank (China) Limited announced that the Bank has received approval from the People’s Bank of China (PBoC) to be one of the first market-makers for direct trading between the RMB and the Great Britain Pound (GBP) on the interbank foreign exchange market.
The Bank clinched a direct RMB/GBP trade deal with Bank of China after the market opened this morning, followed by several deals with other counterparties. Standard Chartered China will continue to provide two-way price quotations for direct trading between the RMB and the GBP, to facilitate RMB liquidity in the interbank markets. Jerry Zhang, Standard Chartered China CEO, commented, "RMB/GBP direct convertibility marks another milestone in the process of RMB internationalisation, and is key to the advancement of economic and trade relation between China and the UK.
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As a UK-based bank with operations in China for 156 consecutive years, Standard Chartered China is honoured to become one of the first market-makers for direct trading between the RMB and the GBP immediately following the announcement of China Foreign Exchange Trade System (CFETS), and to continuously contribute to the internationalisation of the RMB and the development of economic and trade ties between China and the UK."
The UK is currently China’s third largest trading partner in the European Union. Direct trading between the RMB and the GBP is a significant step in strengthening ties between China and the UK, which will contribute to lowering currency conversion costs and further promote bilateral trade and investment. Charlie Ye, Managing Director and Head of Global Markets at Standard Chartered China, added, "British enterprises trading with China should include the RMB in their development strategy as soon as possible to make the most of the market opportunities."
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