Standard Chartered's booth during a supply chain expo in Beijing in December 2023. [SU WEIZHONG/FOR CHINA DAILY]
BEIJING — China remains a key focus for Standard Chartered Bank and the group's overall commitment to the country has only increased, said Bill Winters, group CEO of the banking corporation, in a recent interview with Xinhua News Agency.
"We are constantly evolving our business in China, and we are looking at where our role as a connector can be most effective and most helpful. As trade patterns change, the Chinese population becomes wealthy, and the needs of our clients in China continue to evolve. As national priorities change, we adjust our business model," Winters added.
He noted that this adjustment sometimes means expanding operations in new locations or scaling back certain services, but emphasized that the bank's overall commitment to China remains stronger than ever.
One of the bank's key growth areas has been supporting Chinese manufacturers, such as electric vehicle and battery makers, as they expand overseas, Winters said, noting that Standard Chartered has played a critical role by providing financing, currency hedging and other essential services to these companies.
As an international bank with operations across all ASEAN countries, most South Asian nations, and major economies in the Middle East and Africa, Standard Chartered is well-positioned to support Chinese companies in navigating any transition, Winters said. "We have done that, and it's been a material source of growth for our business. We'll continue to help Chinese companies in every way that we can."
According to the business leader, Standard Chartered's operations in China are benefiting from the country's economic recovery, the opening-up of the country's capital markets, and the internationalization of the renminbi.
Winters noted that recent policy measures introduced by Chinese authorities have been highly effective in reducing financing costs, especially in the property sector.
"The policy had the desired effect of changing the sentiment around, both within consumers and investors in China. So we saw the reaction in the equity markets, which improved very substantially," he said, adding that a strong and contributing China is crucial for global growth.
Earlier this year, at the China Development Forum, Winters spoke about Standard Chartered's confidence in the opening-up of China's capital markets, describing the process as careful and thoughtful.
Standard Chartered was one of the first foreign banks to locally incorporate in China in 2007. Since then, it has gained a domestic fund custody license, participated in the Bond Connect Scheme between the Chinese mainland and Hong Kong, and joined the Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area. It has also been designated as one of the quoting banks for the loan prime rate by the Chinese central bank.
Winters praised the significant growth in RMB usage in trade, emphasizing that it is well on its way to becoming a truly global currency.
As a foreign bank operating in the cross-border interbank payment system both on the Chinese mainland and offshore in Hong Kong, Standard Chartered plays a leading role in advancing RMB internationalization, according to Winters.
Winters attended the Swift International Banker's Operation Seminar 2024 in Beijing from Oct 21 to 24, marking the first time the event was hosted on the Chinese mainland. He described the experience as "fantastic".
"China is at the heart of the system of global trade and cross-border payments. So the opportunity to be here looking at the global payments infrastructure and do that through the lens of a Chinese market and Chinese perspective is a special opportunity for us and could not be more timely," Winters said.
Xinhua
