SYDNEY, Oct 9－The People’s Bank of China’s Cross-border Interbank Payment System (CIPS) went live on 8 October. Bank of China Sydney Branch (BOCS) took the lead in processing through CIPS the payment worth 37.0084 million RMB for one Australian company to China.

The transaction witnessed another milestone in the internationalisation of the RMB leveraged by Bank of China’s overall network superiority in global RMB clearing following the official appointment by the People’s Bank of China (PBOC) of BOCS as the first RMB Clearing Bank in the Southern Hemisphere.

Since the inauguration of RMB clearing bank service on February 9th this year, BOCS has posted rapid growth in its RMB clearing business. For the first half of 2015, BOCS has cleared a total of roughly 2 trillion RMB, continuing its market leadership with a market share of 45% and providing to its financial institutional and corporate customers a wide range of cross-border RMB clearing services and products related to trade finance, service and investment.

With BOCS processing the first batch of CIPS cross-border RMB transaction, the Bank has demonstrated its RMB clearing capability again. It also serves to illustrate Australia’s strategic importance as part of the global RMB clearing network. (People's Daily Online/ Chuyi Sheng)