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Shanghai Clearing House Expands Yuan Access to Three New Currencies

By Markets Desk · 2026-09-17 · 1 min read
A stack of foreign banknotes resting on a wooden desk next to a globe
Illustration: Tradingbird

Shanghai Clearing House added Singapore, New Zealand, and Thai currencies to its central counterparty services on September 14. The move aims to lower trading costs and deepen liquidity for yuan-denominated spot trades.

Shanghai Clearing House began central counterparty services for three new currency pairs on September 14. The additions include the Singapore dollar, New Zealand dollar, and Thai baht. This expansion allows banks to settle spot trades against the yuan through a centralized system.

The first session saw participation from a dozen financial institutions. A total of 996 million yuan in volume was processed during the debut day. These figures establish the initial baseline for the new trading infrastructure.

Clearing Fees Waived Until 2028

The operator has announced that clearing charges for these three new pairs will be waived. This fee exemption remains in effect through the end of 2028. The measure is designed to reduce transaction costs for market participants during the adoption phase.

Lower costs are expected to encourage more frequent trading activity. Banks can offer tighter spreads when their own settlement expenses drop. This structural change aims to make yuan settlement more competitive for international counterparties.

Central Clearing Reduces Counterparty Risk

Central counterparty services net trades rather than settling them individually. This process frees up balance sheet capacity for participating banks. It also mitigates the risk that a counterparty fails to meet its obligations.

Bosco Wu, a strategist at the Bank of East Asia, noted the positive impact on capital costs. He stated that reduced credit line requirements should prompt banks to quote more actively. This activity is expected to deepen liquidity in the RMB/SGD, RMB/NZD, and RMB/THB markets.

Strategic Push for Yuan Global Reach

The expansion supports foreign exchange offerings linked to the Belt and Road Initiative. Chinese banks are working to provide clients with more direct access to yuan trading. This initiative reflects a broader effort to increase the currency's usage in overseas trade and investment.

Shanghai Clearing House plans to expand the network further in the coming years. Additional currencies may be paired with the yuan in future phases. According to GN markets/fx (en-US), this step is part of a long-term strategy to enhance the yuan's global standing.

Based on reporting by Briefs Finance, compiled by the Tradingbird desk.

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