Transaction banking - Regional nominees
Best Renminbi Trade Settlement Bank
Nominees:
DBS Bank, Deutsche Bank, Standard Chartered Bank
Since
the introduction of the renminbi trade settlement scheme in July 2009, DBS Bank
was able to leverage the opportunity in obtaining the onshore renminbi agent
bank status and putting in place the infrastructure to deliver this scheme.
DBS
Bank became one of the first banks to offer renminbi trade settlement
capabilities in Singapore and Hong Kong, with its clients now able to open
renminbi accounts and settle trades in renminbi as well. This enables them not
only to better manage their foreign exchange risks, but to access new business
opportunities with their Chinese buyers and suppliers.
With
its onshore renminbi agent bank status, DBS Bank could provide renminbi
clearing services from its office in Singapore to overseas branches and subsidiaries
in Hong Kong, Macau and other Asean countries. The bank has developed
innovative renminbi financing structures helping its corporate clients in China
to streamline their payment and collection processes, and incur savings in
terms of interest expenses.
Deutsche
Bank acted quickly in formulating a strategy to building its renminbi
capabilities, focussing on structuring and rolling out all the renminbi trade
products required by its targeted client segments.
It gave
the renminbi cross-border trade settlement a high priority, leveraging its
capabilities with multinational companies and local corporates in Asia, and
succeeding in acquiring more than 50 renminbi clients across Asia in 2011.
Some of
Deutsche Bank’s key offshore renminbi achievements across corporate and
investment banks included the offering of the first cross-currency swap, FX
swap and the FX forward; the first electronic trading of offshore renminbi
(CNH) bond market via Autobahn FX; and the launching of the DB ORBIT in July 2011
– the first investible CNH bond index.
Standard
Chartered Bank was the first foreign bank to obtain the settlement and agency
bank licence in China and continues to demonstrate thought leadership in
renminbi internationalization.
It
executed the first two-way (payments and collections) renminbi cross-border
trade settlement and the first renminbi cross-border trade between Korea and
China, and between the United Arab Emirates and China. It likewise conducted
the first domestic trade in Hong Kong settled in renminbi.
Standard
Chartered is a leading adviser for corporate and other financial institutions
to enhance efficiency, manage risks and reduce costs through its customized
renminbi cross-border trade solutions. It offers a full suite of product offerings
– including liquidity management, remittances, trade financing, bond trading
and custodian services – that are all able to provide renminbi-related
services.
The
bank pioneered several transactions in the offshore renminbi bond market,
including the first renminbi bond for a foreign multinational company in Hong
Kong.
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