STANDARD CHARTERED, CHINESE OFFICIALS TEAM UP TO PROMOTE RENMINBI TRADE SETTLEMENT IN ASEAN

Posted March 10, 2010

Singapore – As one of the first international banks to offer cross-border Renminbi (RMB) trade settlement, Standard Chartered Bank together with officials from the Shanghai Municipal Office of Finance Service, People’s Bank of China (PBOC) and State Administration of Foreign Exchange (SAFE) Shanghai will kick-start a series of roadshows in three key ASEAN markets – Malaysia, Thailand and Singapore. This is the first time ever that officials from government and regulatory bodies in China are partnering an international bank on a roadshow.

 Aimed at promoting RMB trade settlement in the ASEAN region and showcasing Standard Chartered’s capabilities and leadership position in this area, the roadshows will see the delegates meeting with the Standard Chartered’s clients and local market regulators such as Bank Negara Malaysia, Bank of Thailand and the Monetary Authority of Singapore. The Chinese delegation will share first-hand updates on the latest developments in the RMB cross-border trade settlement space and the potential business opportunities for ASEAN corporates in China.

 “The participation of key Chinese officials in the inaugural series of the Standard Chartered Bank RMB roadshows in ASEAN demonstrates the tremendous growth potential present in the China-ASEAN trade corridor. It is also a testimony of Standard Chartered Bank’s strong leadership position in the RMB cross border trade settlement space. With a robust trade focused agenda, the RMB roadshows will be an important platform for regulators from the local markets of Malaysia, Thailand and Singapore to meet with the visiting officials from China,” says Jiten Arora, Regional Head of Southern Asia, Transaction Banking, Standard Chartered Bank.

 As a forerunner in the RMB Cross-border Trade Settlement Pilot Programme, Standard Chartered Bank Hong Kong was the first foreign bank to complete a two-way trade settlement with China in July 2009. Shortly after in August 2009, Standard Chartered Bank China became the first foreign bank to be appointed the Agent and Settlement Bank for RMB cross border settlement.

 Today, Standard Chartered offers the full suite of RMB product services to corporates and financial institutions across ASEAN and Northeast Asia.

 “With the gradual relaxation of regulations for RMB trade settlement, this presents increasing opportunities for traders in China and ASEAN to grow their existing businesses outside of Asia. Standard Chartered is very excited about its growth potential. Our systems are ready and with our extensive footprint across Asia, Africa and Middle East, we look forward to playing a key role in further expanding the scope for RMB trade settlement,” says Arora.

 The inaugural RMB roadshow kicked off in Kuala Lumpur (Malaysia) on 9 March followed by Bangkok (Thailand) on 10 and 11 March, and rounding up in Singapore on 12 March. Standard Chartered will bring the RMB roadshows to Northeast Asia, including Korea, Hong Kong and Taiwan, in May 2010.