Photo taken on Nov. 3, 2020 shows the view of the Lujiazui area of Pudong, east China's Shanghai. (Xinhua/Ding Ting)
BEIJING, April 20 (Xinhua) -- Shanghai Clearing House (SHCH) on Monday jointly initiated a bulk commodity spot clearing business called "Qingsuantong" with Zhangjiagang Freetrade Science & Technology Group Co., Ltd. (600794.SH), reported Shanghai Securities News Tuesday.
The business was approved by the People's Bank of China (PBOC) in June 2020, and put into trial operation on March 1, 2021. It marks the establishment of a compliant and efficient fund settlement system in the bulk commodity industry.
According to SHCH, the "Qingsuantong" business can effectively integrate spot platforms, delivery warehouses, commercial banks and other advantageous resources to form a closed-loop online delivery and realize real-time handling of money and goods in seconds.
It can also form an efficient interbank payment network by connecting with several banks through the interbank payment and clearing system, and integrate the transaction flow, capital flow and goods flow in the bulk commodity spot market to improve the effectiveness of data monitoring and complete the transformation of entity enterprises from corporate credit to digital credit.
Driven by rapid economic growth, China has become the largest importer and the largest buyer of bulk commodities in the whole international trade field, and participating in the construction of the international bulk commodity pricing mechanism and striving for the right to speak in the corresponding fields have been unavoidable, said Tu Hong, corporate business director of the Bank of Communications (BoCom, 601328.SH).
The launch of "Qingsuantong" as financial infrastructure marks that China's bulk commodity spot trading industry has entered the stage of centralization, standardization and digitalization, and the business will lay a solid foundation of digital financial services for the bulk commodity trading market, stated Guan Wenjie, vice president of Huaxia Bank (600015.SH).
As of April 16, "Qingsuantong" has achieved a total delivery of more than 1.04 million metric tons (tonnes) or nearly 6 billion yuan, with signed clients exceeding 400. The Industrial and Commercial Bank of China (ICBC, 601398.SH), the China Construction Bank (CCB, 601939.SH), BoCom, Shanghai Pudong Development Bank (600000.SH) and Huaxia Bank, as well as hundreds of entity enterprise customers, have participated in the business.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
A single purchase
