Shares rise as yuan use set to grow worldwide
Print Edition
SHANGHAI stocks yesterday rose on the first trading day after the weeklong National Day holiday as sentiment was lifted by the creation of a global payment system which will boost the globalization of the yuan.
The Shanghai Composite Index rose 2.97 percent to 3,143.36 points.
The first phase of the China International Payment System, officially launched in Shanghai yesterday, will provide capital settlement and clearing services for cross-border yuan transactions conducted by both domestic and overseas financial institutions.
Developed by the People’ Bank of China, CIPS provides an independent cross-border payment and clearing system connecting onshore and offshore clearing markets and participating banks. CIPS uses global payment standards and enables same-day clearing across Asia, Oceania, Europe and other time zones through extended operating hours.
“By integrating the existing renminbi (yuan) cross-border payment and settlement channels, CIPS will improve the efficiency of cross-border clearing to meet the increasing demand for renminbi worldwide,” said Carl Wegner, managing director of Global Transaction Banking at Deutsche Bank, one of the first batch’s 19 approved participants in CIPS.
As members in the first batch, China Construction Bank rose 1.93 percent to 5.28 yuan (83 US cents) while the Industrial Bank gained 1.72 percent to 14.81 yuan, and the Agricultural Bank of China added 1.65 percent to finish at 3.08 yuan.
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