Under the RMB trade settlement pilot scheme, HSBC will settle the cross-border trade in RMB in Hong Kong and it also conducts RMB denominated trade settlement across all its Association of Southeast Asian Nations (ASEAN) sites.
Albert Chan, head of commercial banking for Hong Kong at HSBC, said: “We are pleased to see that banks in Hong Kong can offer a wider scope of RMB products and services following the recent regulatory update. Our HSBC RMB commercial current accounts will be able to provide our customers with more options and flexibility when settling their payments in RMB. HSBC is committed to promote RMB business. We will continue to provide more products and services to facilitate the use of RMB whenever regulations allow.”
The RMB trade settlement pilot scheme was introduced in July 2009, and the service is available in Shanghai, Shenzhen, Guangzhou, Dongguan and Zhuhai.
