Clear2Pay announced at the opening day of Sibos 2009 that it is supplying technology to Bank of East Asia in China to launch its connectivity to the Chinese Central Bank’s nationwide Electronic Commercial Draft System.

SWIFTNet went live on 25 May as Hong Kong’s financial messaging platform for Clearing House Automated Transfer System (CHATS) payments as the Hong Kong Monetary Authority (HKMA) switched from its proprietary network to SWIFT.

The People’s Bank of China (PBC) is piloting a new scheme for the use of Renminbi in settling cross-border trade transactions between the Mainland and neighboring countries and regions. The first transaction was conducted between banks in Shanghai and HongKong via PBC’s large value system on 7 July.

China Merchants Bank, the first Chinese bank to establish a branch in the United States, is now using CHIPS, the real-time, large-dollar payments system operated by The Clearing House Payments Company.

An English Version of China Payment System Development Report 2007 has been published by the Payment and Settlement Department of the People’s Bank of China.

Delivery Versus Payment (DVP) settlement has been fully provided in China’s inter-bank bond market from 1 August, 2008, with the publishing of the Announcement No. 12 [2008] by the People’s bank of China.

In July, the People’s Bank of China (PBC) officially launched a Domestic Foreign Currency Payment System (CDFCPS), aiming at meeting the demand of commodity and service trade for safe and efficient foreign currency payment services. The system is the first RTGS-based multi-currency foreign currency settlement system for banks, domestic banking financial institutions and other foreign currency clearing organizations.

Longtop Financial Technologies (NYSE: LFT) has completed its implementation of the SWIFT Messaging Process Systems for China Development Bank (CDB).

Euroclear Bank is to significantly improve its operational service levels for clients located in the Asia-Pacific region. The service improvements, centred in Euroclear Bank’s Hong Kong office, will also benefit clients around the world that settle and hold Asia-Pacific securities at Euroclear Bank. Furthermore, Euroclear Bank will open a representative office in Beijing.

Bank of China has launched new services based on SWIFTNet Trade Services Utility (TSU), enabling TSU-based initiatives that will extend the open account supply chain financing services it provides to corporate customers.