Standard Chartered Bank signs reminbi lending deal with Qianhai

Standard Chartered Bank (Hong Kong) announced on Monday it signed a cooperative framework agreement on cross-border renminbi lending into Qianhai, a financial pilot zone in Shenzhen, Guangdong province.

The decision follows a new rule allowing cross-border renminbi loans from Hong Kong to Qianhai.

Cross-border renminbi lending, signifying the further opening-up of China's capital account, is conducive to the development of an offshore renminbi market, said the bank in a statement.

It will further spur the demand for renminbi loans and the flow of renminbi between the Chinese mainland and Hong Kong.

"The renminbi is gradually and orderly moving toward an international currency. We expect more breakthroughs in 2013 in the 'go global' process of renminbi. Standard Chartered Bank will continue to support this process," said Lim Cheng Teck, CEO of Standard Chartered China.

liwenfang@chinadaily.com.cn