HSBC issues first renminbi cashier’s order in Hong Kong
HSBC has issued its first renminbi cashier’s order in Hong Kong on behalf of Hung Fook Tong Holdings, a Hong Kong-based herbal tea company.
“The development of renminbi investment products and increasing cross-border settlement in RMB in Hong Kong is gaining traction and remains an initiative fully supported by HSBC,” said Albert Chan, HSBC’s head of commercial banking in Hong Kong, in a statement. “As penetration of renminbi products and increased trade settlement are likely to gather momentum, customers will demand increased options from banking partners.”
HSBC’s renminbi cashier’s order provides its customers with a streamlined method of guaranteeing payments...