foreign banks in China

HSBC bullish on China business

HSBC last week became the first foreign bank to take advantage of relaxed rules on renminbi transfers as it injects Rmb2.8 billion into its China business.

While cutting costs elsewhere in its business, HSBC has injected Rmb2.8 billion $442 million into its operations in China, underlining the bank’s positive outlook on the world’s fastest-growing economy.

The investment, which is settled in renminbi, has boosted HSBC China’s registered capital to Rmb10.8 billion, which is the biggest capital base of any foreign bank in the country. HSBC has also become the first foreign bank allowed to inject new capital using the Chinese currency, under a pilot programme announced by the government in August.

“I’d like to thank the Chinese government for enabling us to take this pioneering step,” said Peter Wong, chief executive of HSBC...

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