HKEX Signs CIPS MOU, OTC Clear Seeks Direct Access to 210-Participant RMB Network
Updated
Updated · Markets Media · Jul 7
HKEX Signs CIPS MOU, OTC Clear Seeks Direct Access to 210-Participant RMB Network
3 articles · Updated · Markets Media · Jul 7
Summary
OTC Clear plans to apply for direct participation in China’s Cross-border Interbank Payment System before the end of 2026 after HKEX signed an MOU with CIPS Co. Ltd.
Direct access would let HKEX’s clearing arm settle RMB funds through CIPS itself, aiming to speed cross-border clearing and settlement for OTC Clear users.
CIPS Co. Ltd. will provide guidance and training for the application, while both sides expand cooperation on products, business development, research and market expertise.
CIPS, the main channel for cross-border RMB payments under PBOC supervision, had 210 direct participants in June and reached more than 5,200 banking institutions across 191 countries and regions.
HKEX framed the move as a step to strengthen Hong Kong’s offshore RMB market infrastructure and support broader fixed-income and currencies growth.
Will direct CIPS access make the offshore yuan tangibly cheaper and faster for global investors to trade?
As Hong Kong deepens CIPS ties, how will it navigate rising Western sanctions on alternative financial systems?
Is building a rival payment network enough for the yuan to truly challenge the dollar's global dominance?
Hong Kong’s 2026 Financial Leap: Direct CIPS Access and Gold Settlement System Reshape Global RMB and Precious Metals Markets
Overview
On July 7, 2026, HKEX and CIPS Co. Ltd. signed a landmark Memorandum of Understanding, deepening their cooperation in product development, research, and cross-border RMB services. This partnership strengthens Hong Kong’s offshore renminbi settlement infrastructure and supports HKEX’s efforts to enhance its fixed income and currencies ecosystem. A key goal is for OTC Clearing Hong Kong to gain direct access to CIPS, which will significantly boost its settlement capabilities. These developments further solidify Hong Kong’s position as the world’s leading offshore RMB financial centre, laying a strong foundation for future growth and innovation.