With access to Bank of China’s extensive global network, as well as a team of professionals experienced in offering RMB products and services in the U.S. business, legal and regulatory environments, BOC U.S.A. is the leading provider for cross-border RMB banking services for retail, corporate and financial institutions.
WHAT IS AN RMB CLEARING BANK?
Bank of China New York Branch is the U.S RMB clearing bank designated by the People's Bank of China. BOC Group maintains a global leadership in the field of cross-border RMB clearing, and escorts customers' RMB clearing business with extensive clearing network coverage, global integrated system and 24-hour clearing operations. Bank of China Group has a leading market share in the RMB cross-border payment system CIPS. As an offshore RMB clearing center, Bank of China Hong Kong also occupies a leading position in the offshore market. These advantages have established a solid foundation for quick, accurate and safe RMB clearing on a global scale. The New York Branch is based in the local area, providing institutional clients with the best RMB clearing products with its rich experience, professional team, and 24-hour multilingual clearing and inquiry services.
WHAT ARE THE BENEFITS OF USING RMB? HOW CAN COMPANIES AROUND THE WORLD KEEP PACE WITH THE INTERNATIONALIZATION OF RMB AND CAPTURE OPPORTUNITIES OFFERED BY GLOBAL MARKETS?
The utilization of offshore RMB is continuing to increase, as corporations expand their businesses worldwide. BOC U.S.A. is the leading provider of RMB products and services, offering assistance to corporations and financial institutions to better take advantage of the RMB’s increasing use as an international trading and investment currency. We work with retail, corporate and financial institutions, offering competitive RMB pricing and liquidity, covering all-dimensional cross-border RMB services such as, RMB Account Services including clearing, wire transfers, deposits, and retail currency exchange; trade finance including L/Cs, inward/outward documentary collection, RMB import/export L/C, cross-border RMB risk participating/forfaiting; global markets & lending including FX trading, CNH money market funding, RMB-denominated loan services; and cross-border RMB offerings. For details of RMB product and service, please refer to here.
BOC U.S.A. is globally renowned in the Trade Services industry, with our experienced team providing a professional, efficient and diverse offering of trade solutions to automate, accelerate and secure our clients’ trade transactions and enhance their international trade businesses.
As a major RMB liquidity provider with strong pricing capabilities for both onshore and offshore RMB foreign exchange and funding, BOC U.S.A. is a leading CNH provider for some of the largest Fortune 500 companies through our e-trading platform. For U.S. financial institutions with RMB accounts, onshore RMB (CNY) FX is available for underlying transactions that qualify for cross-border RMB settlement.
We provide general revolving lines of credit and term loans to our RMB customers, to meet their needs in the Chinese market.
BOC U.S.A. provides a broad range of trade related cross-border RMB products and tailor-made RMB solutions, leveraging our integrated platform. Our trade related services include RMB-denominated Letter of Credit (L/C), Import/Export Bill Purchases, Standby Letter of Credit, L/C Discount, Forfaiting, Risk Participation, Supply Chain Financing and Factoring, and other related products.
Bank of China is one of the two designated RMB Clearing Banks operating in the U.S., providing real-time settlement services for cross-border remittances and offshore clearing settlements. Supported by our extensive global network in more than 61 countries and our rich experience from self-clearing more than 30 currencies globally, our New York branch offers 24-hour multilingual customer service for personal, corporate and institutional customers.
- With access to Bank of China’s extensive global network and over 1,400 RMB clearing accounts with correspondent banks worldwide, BOC U.S.A. is a global leader in RMB clearing for retail, corporate and financial institutions.
- We are the designated RMB clearing bank in 13 out of 25 offshore RMB centers worldwide: U.S., Hong Kong, Macau, China Taiwan, Germany, France, Australia, Malaysia, Hungary, South Africa, Zambia, Japan and the Philippines.
- Our extensive network across Greater China makes BOC U.S.A. the go-to bank for access to the world’s second largest economy.
- Leveraging our unique consultancy approach and unparalleled insights on China, BOC U.S.A. is able to guide clients through complex Chinese regulations.
Eligible Financial Institutions
Financial Institutions that hold onshore or offshore Chinese Yuan Renminbi (CNY or CNH) accounts with BOC U.S.A.’s New York branch.