Standard Chartered has launched the latest in a round of roadshows to promote Renminbi (Rmb) trade settlement.
The newest run of events is aimed at Northeast Asia markets in Hong Kong, Korea and Japan.
Other markets that have recently hosted the roadshows are London, Frankfurt and Paris ()in May and June, as well as a March series held in Southeast Asia, which visited Malaysia, Singapore and Thailand.
As in the previous roadshows, Standard Chartered was joined by officials from the People’s Bank of China and the Shanghai Municipal Office of Finance Service.
The current series of shows feature seminars where Standard Chartered’s corporate and bank clients, as well as market regulators and other stakeholders, can ask the Chinese delegates direct questions regarding closing trade in Rmb.
Neil Daswani, regional head of North Asia, transaction banking at Standard Chartered, says: “The participation of key Chinese officials in our series of Renminbi road shows continues to demonstrate the bank’s strong leadership position in the Rmb cross-border trade settlement space as well as the tremendous growth opportunities within the Greater China trade corridor.”
Standard Chartered was the first foreign bank to complete a two-way Rmb trade settlement with China, as Deswani continues: “With the introduction of the pilot scheme for Rmb cross-border trade settlement, there are many opportunities presented to both importing and exporting companies to increase their sales, reduce costs and manage their risks. Standard Chartered, as one of the world’s largest trade finance banks, and with our extensive footprint across Asia, Africa and the Middle East, look forward to playing a key role in our clients’ success and the success of the Rmb cross-border trade settlement scheme.”
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