Hong Kong: Additional offshore CNY cash correspondent banks
Effective
23 March 2015
ICBC Singapore Branch, ICBC Luxembourg Branch and Bank of China (Frankfurt) will be acting as cash correspondent bank (CCB) for the offshore Chinese Reniminbi (CNY), in addition to Bank of China (Hong Kong) Limited and Standard Chartered Bank Hong Kong.
Impact on customers
All offshore CNY funding from value date Monday 23 March 2015 can be made to the following accounts:
| CCB name: | Bank of China (Frankfurt) | Bank of China (Hong Kong) | ICBC Luxembourg Branch |
| CBL account: | 9700239431 | 01287560120489 | 0118000100000001497 |
| SWIFT address: | BKCHDEFFXXX | BKCHHKHHXXX | ICBKLULCXXX |
| CCB name: | ICBC Singapore Branch | Standard Chartered Bank Hong Kong | - |
| CBL account: | 6103020000000009962 | 44709447259 | - |
| SWIFT address: | ICBKSGSGCLR | SCBLHKHHXXX | - |
Cash instruction deadlines
The deadlines for Bank of China (Hong Kong) and Standard Chartered Bank Hong Kong are unchanged.
| Period | Withdrawal | Transfer | FX |
| for Value Date (VD) = Settlement Date (SD) | |||
| 23 March 2015 - 28 March 2015 | VD 14:00 | VD 18:00 | VD-2 10:00 |
| 29 March 2015 - 24 October 2015 | VD 15:00 | VD 18:00 | VD-2 11:00 |
| CCB | Period | Pre-advice |
| for Value Date (VD) = Settlement Date (SD | ||
| Bank of China (Frankfurt) | 23 March 2015 - 28 March 2015 | VD 14:00 |
| 29 March 2015 - 24 October 2015 | VD 15:00 | |
| Bank of China (Hong Kong) | 23 March 2015 - 28 March 2015 | VD 14:00 |
| 29 March 2015 - 24 October 2015 | VD 15:00 | |
| ICBC Luxembourg Branch | 23 March 2015 - 28 March 2015 | VD 14:00 |
| 29 March 2015 - 24 October 2015 | VD 15:00 | |
| ICBC Singapore Branch | 23 March 2015 - 28 March 2015 | VD 14:00 |
| 29 March 2015 - 24 October 2015 | VD 15:00 | |
| Standard Chartered Bank Hong Kong | 23 March 2015 - 28 March 2015 | VD 09:30 |
| 29 March 2015 - 24 October 2015 | VD 10:30 | |
Note: All times are in Central European Time (CET). Instructions sent to Clearstream Banking after the CCB deadline will be processed for VD+1.
Rejection and re-sending of instructions
Any instructions sent to ICBC Singapore Branch, ICBC Luxembourg Branch and Bank of China (Frankfurt) before 23 March 2015 will be automatically rejected by Clearstream Banking1 and customers will be required to re-send the initially rejected instructions from 23 March 2015.
Unless otherwise indicated, the new deadlines will be valid, upon implementation on 23 March 2015, provided that customer instructions are complete, accurate and eligible for straight-through processing (STP). Customers must also ensure necessary cash provision to ensure timely settlement. If these criteria are not met, we cannot guarantee timely settlement.
Withdrawal instructions
Customers' withdrawal instructions will be automatically routed according to the destination of the funds:
- ICBC Singapore Branch will be responsible for processing all payments made to beneficiary accounts in Singapore;
- Bank of China Hong Kong will be responsible for processing all payments made to beneficiary accounts located in Hong Kong and the rest of the world.
Further information
The cash correspondent details relating to the offshore CNY will be updated in the relevant documentation on the effective date.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.