HSBC has issued its first renminbi (RMB) cashier’s order in Hong Kong on behalf of a local small and medium-sized enterprise (SME) customer, Hung Fook Tong Holdings, a large herbal tea group in Hong Kong.
Albert Chan, HSBC’s head of commercial banking Hong Kong, said: “The development of RMB investment products and increasing cross-border settlement in RMB in Hong Kong is gaining traction and remains an initiative fully supported by HSBC. As penetration of RMB products and increased trade settlement are likely to gather momentum, customers will demand increased options from banking partners. The availability of RMB cashier’s order meets demand for RMB payment solutions that are both flexible and convenient.”
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