HSBC Bank (China) has launched settlement services in renminbi (RMB) for cross-border trade in Shanghai, Shenzhen, Guangzhou and Dongguan – key cities in the pilot programme permitting the use of RMB in cross-border trade transactions.
The bank has completed its first RMB-denominated trade settlement remittance and launched its first cross-border RMB-denominated documentary credit (DC) service for five eligible local companies in the Yangtze River Delta (YRD) and the Pearl River Delta (PRD) regions.
HSBC China has also obtained status as a domestic agent bank and is able to open onshore RMB accounts for overseas banks participating in the pilot programme. The bank has set up its first onshore RMB account for its Hong Kong-based parent company.
The RMB settlement pilot programme applies to trade between certain regions in mainland China, including Shanghai and select cities in Guangdong province, and the Hong Kong SAR, the Macau SAR and member countries of the Association of Southeast Asian Nations (ASEAN).
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