HSBC, in co-operation with its partner Bank of Communications (BoCom), has become the first foreign bank to settle a cross-border trade in renminbi (RMB).
HSBC in Hong Kong completed its first RMB-denominated trade settlement remittances with Shanghai and also conducted its first cross-border RMB-denominated documentary credit (DC) transaction.
These transactions are part of the Chinese government’s pilot programme to permit the use of RMB in cross-border trade. The pilot programme applies to trade between certain regions in mainland China, including Shanghai and some cities in Guangdong province, and the Hong Kong SAR, the Macau SAR and member countries of the Association of Southeast Asian Nations (ASEAN).
The joint initiative between HSBC and BoCom will assist Chinese exporters looking to grow their international trade business with partners in Hong Kong, Macau and ASEAN by helping reduce foreign exchange risk.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more