HKEX, CIPS Sign MOU to Strengthen Hong Kong’s Offshore RMB Settlement Infrastructure

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) that it has signed a Memorandum of Understanding (MOU) with the CIPS Co. Ltd., operator of China's Cross-border Interbank Payment System (CIPS) to explore strategic cooperation in cross-border Renminbi (RMB) business and to support the long-term development of Hong Kong's fixed income and currencies (FIC) ecosystem. Under the MOU, HKEX's clearing subsidiary, OTC Clearing Hong Kong Limited (OTC Clear), intends to apply to become a direct participant of CIPS and plans to submit its application materials before the end of 2026. CIPS Co. Ltd. will provide guidance and training to support OTC Clear's application. As a direct participant, OTC Clear will be able to conduct RMB fund settlements directly through CIPS, supporting more efficient cross-border RMB clearing and settlement for the OTC Clear market and its participants.CIPS Co. Ltd. and HKEX will also deepen their cooperation in product and business development, sharing research and market expertise, and supporting the development of cross-border RMB services.The MOU was exchanged at the 2026 Hong Kong FIC and Bond Connect Summit between HKEX Chief Executive Officer, Bonnie Y Chan, and CIPS Co. Ltd. Chairman Wang Hongbo, witnessed by People's Bank of China (PBOC) Governor, Pan Gongsheng, Hong Kong Chief Executive John Lee, and Hong Kong Financial Secretary Paul Chan, among other dignitaries. In the presence of People's Bank of China (PBOC) Governor, Pan Gongsheng (second left), Hong Kong Chief Executive John Lee (third left), Hong Kong Financial Secretary Paul Chan (second right), HKEX Chief Executive Officer Bonnie Y Chan (first right) and CIPS Co. Ltd. Chairman Wang Hongbo (first left) exchange a Memorandum of Understanding. HKEX Chief Executive Officer, Bonnie Y Chan, said: "We are delighted to sign this MOU with CIPS Co. Ltd., marking an important step towards HKEX becoming a CIPS participant and helping to strengthen Hong Kong's offshore RMB market infrastructure. Direct access to CIPS would enhance OTC Clear's settlement capabilities and lay the foundation for HKEX's broader FIC product and infrastructure development, further reinforcing Hong Kong's role as the world's leading offshore RMB centre.” Under the supervision of the PBOC, CIPS is the primary channel for cross-border RMB payments and clearing. As of June 2026, CIPS had 210 direct participants, with its operations covering more than 5,200 banking institutions in 191 countries and regions.

HKEX, CIPS Sign MOU to Strengthen Hong Kong’s Offshore RMB Settlement Infrastructure

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