HSBC has executed Korea’s first direct foreign exchange (FX) transaction between Chinese renminbi (RMB) and Korean won (KRW) where payment has been settled through Bank of Communications Seoul Branch, which is the RMB clearing bank in Korea. A Korean trading company purchased RMB against KRW with a settlement date of 30 October 2014.
“We are pleased to become the first bank in Korea to provide RMB FX with payment services to a local corporate client through the RMB clearing bank,” said Peter Kim, head of markets for Korea at HSBC. “We believe this landmark deal will contribute to accelerating the process of RMB internationalisation in Korea. We will give full support to this key initiative for the Korean government and will continue offering our RMB insight and expertise to all our clients in Korea so they can benefit from the globalisation of China’s currency.”
HSBC was the first foreign bank to settle cross-border RMB trade in Hong Kong and all six continents, issued the first RMB bond outside Chinese sovereign territory in London and arranged the first offshore RMB initial public offering (IPO) in Hong Kong. In Korea, HSBC announced earlier this month that it is providing asset services to Korea’s first renminbi qualified foreign institutional investor (RQFII).
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