The Cross-Border RMB clearing service means CMB provided with other banks cross-border RMB clearing service including payments collection of RMBand account inquiries through the nostoro account opened with CMB that cannot be used for RMB deposits/withdrawals. The funds to be cleared must be settlement funds for cross-border trade, or relevant transfer of positions. CMB accepts payment instructions from other banks’ clients through SWIFT or the online banking platform.
1) STP if the instructions is in standard format.
2) MT103, MT202, MT200 and MT320 standard message processing and MT940 and MT950 for automatic account report.
3) MT910 credit advice and MT900 debit advice in real-time for each entry, enabling other banks’ clients to process accounts as quickly as possible.
4) Intra-day and overnight overdraft services.
5) Debit-side back valuation and credit-side back valuation are available to meet the urgent demands of other banks' clients.
6) TheOnline Banking platform for cross-border RMB Clearing Service. Clients can monitor their accounts in real time or perform collection and payment. They can also use the powerful authorization function provided by CMB’s online banking system.
1) CMB headquarters and the other bank’s client sign the Clearing Agency Agreement.
2) The client provides the following documents for opening an account: a) The registration document in the country or region in which the participant bank is located, or a document evidencing that the regulatory authority of the country has verified that bank; b) Verifiable identification of a legal representative or assigned signatory; c) A CMB clearing agreement signed by the authorized signatory; d) A specimen copy of the authorized signatures.
3) After reviewing the above documents, the CMB’s head office Financial Institutions Dept issues a notification for opening and maintaining the nostro account to the opening branch along with supporting documents.
4) Within five business days of opening the cross-border interbank CMB current account on behalf of the overseas participant bank, the opening bank office completes the Filing Form for Opening an Interbank CMB Current Account, and submits the Form with the following documents to the local branch of the PBoC: photocopies of the CMB Clearing Agreement, required evidence from the overseas participant bank, and corresponding account- opening documents.
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.