Standard Chartered Becomes First Foreign Bank for Yuan Settlement

By intern reporter Liu Dong

( Standard Chartered Bank (China) became the first foreign bank to settle cross-border trade in yuan on Aug. 31 under a new pilot program, the bank said in an emailed press statement on Sept. 1.

Hang Seng Bank, HSBC, Bank of East Asia and Singapore-based DBS Bank are awaiting final approval to offer settlement services.

The trial program enables Standard Chartered to participate in the development of China's capital market "more comprehensively and deeply," the bank's China chairman Katherine Tsang said in the press release.

Cross-border yuan settlement in Shanghai has exceeded 39 million yuan since the official launch of the program in early July, the statement said, citing Fang Xinghai, director of the Shanghai Financial Service Office.

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