HSBC to provide direct settlement in Chinese currency

HSBC Bank will be the first bank in Malta to offer local companies doing business with China the ability to effect cross-border direct settlements in Chinese Renminbi.

This initiative will facilitate and encourage trade and investment with Chinese firms as RMB is fast becoming a major currency in global trade.

HSBC will be offering Maltese companies the facility of maintaining accounts in RMB, the capability to effect transfers and settlement, as well as being able to use trade finance products such as letters of credit and guarantees denominated in RMB.

Offering solutions for payments in RMB is a natural progression for the HSBC Group, due to its large presence in China and Hong Kong, its deep knowledge of this market and its global network of customers who wish to trade in RMB.

HSBC has been present in China for 146 years and it is one of the most recognisable international banks in the country. It has access to first-hand market information which is invaluable in monitoring and forecasting market trends and is therefore able to offer its customers appropriate solutions. In November last year, it became the first international bank to complete an RMB trade settlement across all six continents.