HSBC launches RMB current accounts in Hong Kong

Traders can now open renminbi commercial current accounts with HSBC in Hong Kong.

HSBC launches RMB current accounts in Hong Kong

Companies trading with Chinese partners can now open renminbi commercial current accounts in Hong Kong with HSBC, just the latest step in the Chinese currency's slow internationalisation.

Opening a renminbi commercial current account provides corporates with more flexibility when doing trade settlement, said Albert Chan, head of commercial banking for Hong Kong at HSBC. He explained that traders can now use cheques, in addition to remittances, when settling trade in the Chinese currency locally.

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