Renminbi trade settlement available at all HSBC China branches
HSBC China has expanded the availability of renminbi cross-border trade settlement services to all of its branches in the country. The bank currently has 109 outlets including 24 branches and 85 sub-branches across 24 cities.
“As trade between China and the rest of the world grows, many Chinese businesses will offer incentives to those who are willing to settle in renminbi,” said Noel Quinn, Asia-Pacific regional head of commercial banking at HSBC. “Taking advantage of this new and exciting development is key for international businesses who want to benefit from China’s trade growth.”
“We are seeing the appetite for renminbi as a trade settlement currency grow as businesses become more aware of its benefits,” added Magnus Montan, head of international business at HSBC China.
According to HSBC, more than half of China’s trade with emerging markets is expected to be settled in renminbi by 2015 and offshore renminbi deposits will reach Rmb1 trillion by the end of this year.
Deutsche Bank adds new module to Autobahn
Deutsche Bank has added a new integrated liquidity module to its electronic distribution service Autobahn. The new treasury platform application will offer enhanced information, planning and analytics with an active money markets and foreign exchange trading platform for corporate clients.
“The treasury platform on Autobahn provides corporate clients with a window into their daily transactions and information flows across their businesses,” said Lisa Rossi, global head of liquidity management for global transaction banking at Deutsche Bank. “Clients can plan and execute based on having all of their information in one place and by our bringing the Deutsche Bank trading floor directly to them.”
According to Deutsche Bank, its new module will offer corporate clients a single window to complete treasury and liquidity services to actively manage their cash forecasting and investment needs.
JCB continues expansion into Europe
JCB International (JCBI), the international subsidiary of payment company Japan Credit Bureau, has partnered with the Germany Banking Industry Committee (GBIC) to issue debit cards in Germany. GBIC operates German debit card system Girocard.
“We expect to expand the issuance of JCB and Girocard co-badged cards in the near future with Girocard and other partners in Europe and to expand merchant acceptance in parallel,” said Kimihisa Imada, deputy president at JCBI. “This alliance not only benefits Girocard and JCB, but also provides tremendous value to JCB business partners with bigger transaction volumes generated by German card members.”