HK launches euro clearing system

The system, commissioned by the Hong Kong Monetary Authority (HKMA) in July 2002, was launched on April 28, with Standard Chartered Bank as the sole settlement bank.

"With the euro being one of the leading international currencies, the holding of euro and the trading of euro-denominated assets may become increasingly prevalent in Hong Kong and the rest of the Asia-Pacific region," said a HKMA spokesperson in Hong Kong. "An efficient and reliable euro clearing system will be an important addi