Industry establishes STP guidelines for offshore yuan
The guidelines, released on February 14, enable the use of ISO 15022 and message type (MT) messages for offshore yuan transactions by introducing a structured code to identify between trades settled onshore and offshore. Since launch in mid-2010, participants in the offshore yuan market have struggled to achieve STP in the absence of an official ISO currency code to distinguish between offshore and onshore yuan trades, which both use ‘CNY’.
“Counterparties were processing these offshore yuan
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