Standard Chartered keys in on RMB internationalisation

STANDARD Chartered Bank continues to lead the way in the development of Chinas currency market with expanded capabilities, including RMB solutions and industry leadership.One year after the banks landmark role in the first domestic RMB cross-border trade settlement transaction outside of China, significant milestones and transactions were completed for clients across the banks key markets.RMB means RheminbiChinnese currency used in Hong Kong and China.Standard Chartered Plc is a leading international bank listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the worlds most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the banks growth in recent years.With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 workers. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The banks heritage and values are expressed in its brand promise, Here for good.With the momentum in RMB trade settlement rapidly evolving, corporates outside of China with liquidity can now optimise their positions via Standard Chartereds liquidity management solutions. With multicurrency notional pooling, corporate treasurers are now able to manage their cash pools of multiple currencies alongside their offshore RMB holdings.The opportunities from RMB cross-border trade settlement and offshore RMB investment options were recently shared with the banks clients at a seminar in Hong Kong, which was attended by 110 representatives of 83 financial institutions from more than 30 countries, including Nigeria, from Azerbaijan to Zimbabwe.The seminar also featured speakers from Peoples Bank of China and the Hong Kong Monetary Authority.Chuks Ugha, Head of Transaction Banking for Nigeria, commented thus, Thanks to our leading RMB capabilities and strong client base, our global RMB trade settlement-related business increased dramatically in 2010 from 2009. Momentum remains strong and we expect RMB trade settlement-related volume in 2011 to surpass that of 2010.Besides continually engaging and educating our clients on the potential opportunities of RMB, Standard Chartered has also achieved significant milestones across our key markets in Asia, Africa and the Middle East. 
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