HSBC has completed a renminbi (RMB)-denominated trade settlement across six continents, after announcing the completion of its latest deal in Brazil. The landmark transaction was closed for Groupo Tellerina, a retailer of house and decoration products.
Peter Wong, HSBC’s chief executive officer (CEO) for Asia-Pacific, said: “China’s position within the global economy is developing rapidly and its growing influence is undeniable. We estimate that annual trade flows will cross US$2 trillion within five years, easily positioning the RMB as one of the top three currencies used in global trade. As the RMB becomes a major settlement currency, our global connectivity and unrivalled RMB experience provides customers with a significant advantage.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.