BOJ to link system with foreign central bank

Aug 05, 2017 | News On Japan

Aug 05, 2017 (the-japan-news.com) - The Bank of Japan and the Hong Kong central bank plan to link their settlement systems, informed sources said Thursday.

If realized, it will be the first time for the BOJ to link its financial network system, called BOJ-Net, with another central bank, the sources said, adding the Japanese and Hong Kong monetary authorities are working to establish the connection in 2019.

The planned link will allow smooth settlements of commercial bank transactions in which Japanese government bonds are provided as collateral for procuring Hong Kong dollars.

Currently, the BOJ-Net takes charge of JGB delivery and the Hong Kong Monetary Authority system the cash transfer. Settling the JGB-Hong Kong dollar deals is time-consuming due to no link between the two systems.

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