On 1st November 2024, Shanghai Rural Commercial Bank (hereinafter referred to as “SHRCB” or “the Bank”) officially commenced providing cross-border RMB clearing, settlement and fund management services to its clients as a CIPS direct participant. This marked a notable enhancement in the Bank's capability to deliver RMB cross-border payment services.SHRCB is the first and only rural commercial bank to directly participate in CIPS so far.

　　SHRCB is committed to providing enhanced cross-border RMB payment solutions that are more secure, efficient and reliable. The bank will continue to promote transaction banking services and expand settlement capacity for interbank and corporate clients, thus to support clients’ overseas expansion and to create new business growth opportunities.

　　Since launching cross-border RMB business in 2011, SHRCB has experienced year-on-year growth in both business scale and product variety. The bank has evolved from offering traditional settlement products such as Remittance, Collection and Letter of Credit to comprehensive services across multiple fields, including cross-border payments, FX trading, cash management and Investment & Financing solutions. Now the bank is exploiting new development opportunities by further integrating its existing RMB cross-border payment channels in order to support the regional economic openness. 

　　On the one hand, SHRCB will develop its core cross-border financial products to cater to the RMB business requirements of overseas projects and enterprises. On the other hand, the bank will proactively engage in the strategic development of key regions such as Shanghai Free Trade Zone and Lingang New Area.

　　In the future, SHRCB will uphold its dedication to serving the real economy and make contribution to the exploration of market potential, the advancement of regional development, the promotion of the RMB internationalization and the implementation of high-level opening-up.