Extension of Clearing Service Hours by Clearing Bank from June 2012 onwards
Under the coordination of the Hong Kong Monetary Authority (“HKMA”), with effect from 25 June 2012, Hong Kong Interbank Clearing Limited (“HKICL”) and the Hong Kong RMB Clearing Bank have extended the service hours of the RMB clearing services from 6:30 pm to 11:30 pm (Monday to Friday, Hong Kong time) to cover the office hours in Europe and part of the United States. Under this new arrangement, the Clearing Bank will be able to offer real-time clearing services in different time zones, allowing the Participating Banks in Europe and the United States to conduct real-time RMB business transactions through the RMB Real Time Gross Settlement (“RTGS”) System in Hong Kong during their office hours, thus reducing the settlement risk exposure of their funds and facilitating the development of the offshore RMB business.
Extension of the cut-off time of payment instructions for funds transfer from the Settlement Account to the Fiduciary Account
Under the coordination of the HKMA, with effect from 5 April 2012, HKICL and the Hong Kong RMB Clearing Bank extended the cut-off time of payment instructions for funds transfer from the settlement account to the fiduciary account from 3:30 pm to 4:30 pm, offering Participating Banks greater flexibility in allocation and management of funds.
Smooth progress by the Clearing Bank on the compatibility work with the enhancement of the China National Advanced Payment System (“CNAPS”)
In the process of enhancing the CNAPS, the Hong Kong RMB Clearing Bank has been working closely with the People’s Bank of China. The joint testing between the respective systems has been completed and the UAT has been launched for internal system connecting with CNAPS. Progress has been made on this project and it is expected to be completed in the first half of 2013. The Participating Banks will be notified of the detailed arrangement by the RMB Clearing Bank as soon as practicable for their better preparation for the system upgrade.
List of Eligible Securities for Intra-day Repo Facilities