Hong Kong Exchanges and Clearing Ltd (HKEX) signed a memorandum of understanding
with Cross‑Border Interbank Payment Clearing Co., operator of the Cross‑Border
Interbank Payment System (CIPS), to deepen cross‑border RMB cooperation and
support Hong Kong’s fixed‑income and FX ecosystem. Under the MoU, HKEX affiliate
Hong Kong OTC Clearing Co. intends to apply to become a CIPS direct participant
by end‑2026; CIPS will provide required guidance and training. As a direct
participant, the OTC clearing entity would be able to settle RMB funds directly
via CIPS, enabling more efficient cross‑border RMB clearing and settlement for
its participants. The firms will also cooperate on product and business
development, market expertise sharing and expansion of cross‑border RMB
services.
