HSBC has completed a renminbi (RMB)-denominated trade settlement in the Czech Republic. The transaction was closed for Alpine Pro, a manufacturer and a distributor of indoor and outdoor sportswear.
The transaction follows the extension in June 2010 of the Chinese government’s pilot programme launched in July 2009 to permit the use of RMB in cross-border trade between designated companies in mainland China and member countries of the Association of Southeast Asian Nations (ASEAN).
Alpine Pro chief financial officer (CFO), Miroslav Zábranský, said: “A global business like ours relies on its financial providers for help in navigating an increasingly complex international business environment and for access to the most up-to-date and innovative financial solutions. We were delighted with HSBC’s proposal that we consider RMB trade settlement for this particular transaction.”
Kent Holt, head of commercial banking, HSBC Bank, said: “We are proud of the fact that HSBC is the first provider of RMB transactions in the Czech Republic. Experts predict that in as little as five years some 30% of China’s international trade will be conducted in RMB and, in fact, that it may eventually one of the top three currencies used in global trade. We believe that being at the forefront of that trend is imperative in order to enable our clients to realise business opportunities it may present.”
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