Business

Saturday November 14, 2009

HSBC completes renminbi cross-border trade


KUALA LUMPUR: The Hong Kong Shanghai Banking Corp Ltd (HSBC) yesterday completed its cross-border trade in renminbi in Malaysia, Indonesia, Brunei, Singapore, Thailand, the Philippines and Vietnam, in cooperation with the Bank of Communications.

The bank said in a statement it had also settled transactions in Hong Kong in July.

“We have seen an increase in trade flow between mainland China and Asean markets in recent years.

“With the new capability to settle cross-order trade in all our Asean markets, we are well-positioned to assist our commercial banking consumers to grow their international trade business with mainland China,” global co-head commercial banking, John Coverdale, said.

HSBC commercial banking offered a range of renminbi services, including trade finance, two-way exchange between renminbi and Hong Kong dollar and other foreign currencies. — Bernama

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