BOCE Online FTZ Cross-Border RMB Settlement Business has been fully activated
By：admin Updated：2014-03-18 10:21:33
On Dec. 17th, The Introduction of Cross-Border RMB Settlement Policies and Listed Products of Bohai Commodity Exchange (the first stop) was held in HKSAR, which marks that the cross-border settlement business for physical trade of Bohai Commodity Exchange (BOCE thereafter) has been fully activated. Also, it would become a new milestone of China cross-border RMB settlement business.
Speech from Yan Dongsheng, chairman and general Manager of BOCE, whom entitled 2013 CCTV Economic Persons of the Year
It was informed at the meeting that BOCE, as the first non-banking financial institute launching cross-border RMB settlement business, has introduced relevant supporting policies, regulation method and system. Also, the business connection to banks has accomplished. The first items of global products (such as iron ore and natural rubber), would be introduced one by one since then. From now on, both domestic and overseas enterprises are able to proceed cross-border RMB business with modern physical market freely by building a transparent, open and high-efficiency environment. It will greatly simplify the procedures of international trade, reducing forex volatility risks and as well as enhancing the fund utilization.
(Zheng Yu ,BOCE Deputy General Manager, explaining in cross-border RMB settlement business)
In recent years, as the global economy is slowly recovering, China has now become a new engine to the global economy. A physical commodity exchange integrating international trade, settlement, logistics, R&D is built by treating cross-border E-business as a global strategy of BOCE and combining cross-border RMB settlement business-- online-FTZ. It would provide the new world order establishment with fresh supports and be a world economic growth point for the next round.
Signing ceremony of strategic cooperation agreement co-signed by Bank of China and BOCE
(Ren Zhong, Marketing Director of BOCE-RUBBER VALLEY NATURAL RUBBER EXCHANGE)
BOCE was officially opened on Dec. 18th, 2009, with the world’s first spot trading transaction as core by exploring a brand new trade model supporting with marketing services, fund settlement, price releasing and warehousing & logistics Providing in , providing a bundle of Four-in-One integrating services in purchasing, selling, financing and merchandising among the producers, consumers, dealers, as well as operators. At present, more than 70 products have listed on BOCE with a daily transaction volume of 20 billion Yuan throughout petrochemicals, coal energy, forestry and medals industries, which is known as China’s largest composite spot commodity exchange.