Hong Kong Changhong successfully access CIPS system to help the group’s global fund management upgrade

2022-04-27 0 By

Recently, With the support of Bank of Communications, Changhong (Hong Kong) Trading Co., LTD. (hereinafter referred to as Hong Kong Changhong) has successfully accessed the Cross-border RMB Cross-border Payment System (CIPS System) and completed the first business transaction.It marks the official opening of the CIPS system cross-border RMB remittance business of Changhong Holding Group.It is also the first overseas capital management center of a large enterprise group to access the CIPS system.It is understood that the CIPS system, approved and organized by the People’s Bank of China in 2012, aims to provide cross-border RMB capital clearing services to domestic and foreign participants. As the “expressway” of RMB internationalization, it is one of the important financial infrastructures in China.The enterprise version of CIPS system was officially launched in May 2021, expanding the customer group from banks and other financial institutions to large enterprise groups and overseas platforms. Enterprises are connected as indirect participants. CIPS system provides a systematic solution for information interaction between enterprises and banks through standard transceivers.Hong Kong Changhong is an overseas entrepot trade, capital management, foreign exchange trading, investment and financing platform of Changhong. It is also one of the first overseas members of the cross-border two-way RMB capital pool in China. Its trade and capital pool businesses are settled in RMB on a large scale.According to the relevant person in charge of Hong Kong Changhong, the company actively responds to national policies, integrates into national major strategic deployment, cooperates with Sichuan Branch of Bank of Communications, repeatedly formulates and tests, and promotes the smooth implementation of CIPS system.After Joining the CIPS system, Hong Kong Changhong will improve the efficiency and security of the group’s cross-border capital settlement, reduce the cost of cross-border capital management and settlement, and provide the possibility for the group to fully realize the direct connection between banks and enterprises, which is conducive to the integration of domestic and foreign capital, so as to better serve the group’s industrial development.(Yin Junhong)