HSBC to provide direct settlement in Chinese Renminbi currency

Announcing the facility, HSBC said the initiative will facilitate and encourage trade and investment with Chinese counterparts where RMB is fast becoming one of the major currencies in global trade.

HSBC added that it will be offering Maltese companies the facility of maintaining accounts in RMB, the capability to effect transfers and settlement, as well as utilising 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 want to trade in RMB,” HSBC said.

HSBC also said it has been in China for 146 years and it is one of the most recognizable 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 2010, it became the first international bank to complete an RMB trade settlement across all six continents.

HSBC said that that Malta’s RMB trade settlement services will be announced shortly.