THE Hong Kong Monetary Authority (HKMA) has appointed Standard Chartered as the settlement institution for euro clearing in Hong Kong, according to a Standard Chartered Bank statement. The euro clearing system, the first in Asia, will be an important addition to Hong Kongs financial infrastructure. It will facilitate the efficient settlement of euro transactions on a real-time basis within Asia time zones. It is expected to be launched in the second quarter of 2003. By facilitating interbank payments in euro, as well as delivery versus...
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