The available RMB products from HSBC in Australia include: retail deposits; retail FX and transactional services; wholesale deposits; trade finance; wholesale bond issuance and money markets; wholesale FX; and phone and online access via HSBC personal internet banking, HSBCnet and HSBC Connect.
As China’s economy continues to expand and, along with it, Australia’s commercial ties with the country, HSBC expects the internationalization of China’s RMB to produce significant opportunities for Australian customers seeking exposure to this revolutionary growth market.
According to the HSBC research, China will be the world’s largest economy by the 2030.
The bank said to date China’s currency has been severely under-represented in global trade and capital markets and believes this is about to change.
HSBC Bank Australia CEO Paulo Maia said that if there’s to be a rival to the dollar as the world’s reserve currency in the 21st century, it would have to be the Chinese RMB.
"We anticipate half of China’s emerging market trade will be settled in RMB within four years. When this happens RMB will be one of the top three trading currencies in the world.
"Increasing RMB trade is also triggering a chain reaction in China’s capital markets as rising demand for the RMB overseas smoothes the path for Chinese corporations to invest abroad with the RMB. And as RMB trade revenues accumulate outside China, it will become easier for foreign companies wishing to invest in China with the RMB," Maia said.
