China announced a pilot implementation of cross-border trade in RMB, the Japanese banks have been actively preparing to enter such business, and carried out a number of pilot operation. Recently, the Hang Seng Bank and other non-Japanese banks are also active in promoting the yuan trade settlement business in Japan, intends to share the RMB clearing bank business growing.

This year in March, a company in Osaka when imports from China to the letter of credit to pay a 200,000 yuan loan, it is in Japan the first truly cross-border trade in RMB.

Since July 2009, the RMB settlement pilot cross-border trade since the start of major Japanese financial groups in Hong Kong, Singapore and other places, including offices on the RMB has been active in cross-border trade settlement, the RMB deposits, foreign exchange, financing and other Renminbi Item RMB business goal is not only locked in Japanese companies but also companies in other countries and regions.

Japan’s three major financial institutions in the reporter’s telephone interview, have expressed interest in the RMB clearing business.

Bank of Tokyo-Mitsubishi UFJ in March this year, began trying to Japan-China trade in RMB. DIC Group, a subsidiary of Japan to the Japanese headquarters in China to pay the purchase price, on the use of the RMB. But then the yuan is not yet used in Japan, banks in settlement money converted into U.S. dollars at the same time, the company’s headquarters in Japan into account. As of now, Bank of Tokyo-Mitsubishi UFJ RMB business for more than 10 document.

Under Japan’s Mizuho Group, Mizuho Corporate Bank in April this year, the conduct of renminbi business in Japan. Japanese investment and trade in large trading company Marubeni Corporation in the banks of the RMB trading settlement. RMB savings account set up before the Chinese subsidiary of Marubeni to the renminbi exchange. This amount of RMB funds in Japan as cover, which is to open RMB accounts in Japan’s first such transactions. Mizuho Corporate Bank told this reporter that the reason to carry out yuan trade settlement, is due from customers such as Marubeni increasing demand, they continue to receive business counseling in Japan.

Sumitomo Mitsui Banking Corporation is a large financial services group, on behalf of the bank to our reporter said that at present the bank has not started yet the yuan trade transactions, headquarters and is being discussed.

Moreover, Japan is also actively involved in local RMB banking business. Quanzhou city of Ikeda, Osaka Shiga Shiga Bank and the Bank last month in the Chinese bank of Tokyo-Mitsubishi UFJ to open RMB accounts to conduct RMB-denominated trade transactions. Ikeda Quanzhou bank customers in 670 companies are involved in import and export trade with China. Shiga Bank also launched in the autumn of this year to prepare the yuan trade in a positive settlement. Ability of local banks overseas operations can not currently fully meet the needs of corporate clients, local banks and large banks to conduct overseas operations will be the future trend.

Japanese industry, said bilateral economic and trade exchanges between China and Japan frequently, the RMB settlement will further promote the Sino-Japanese trade and investment facilitation.

Japanese demand for RMB business is gradually being met, is expected to more Japanese companies will actively try in the future.

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