HSBC conducts two-way cross-border lending
Print Edition
HSBC said yesterday that it has completed a two-way cross-border yuan lending transaction for a Taiwan company under a pilot program the Chinese mainland introduced in August, becoming the first foreign bank to conduct such a transaction.
The city of Kunshan, in Jiangsu Province, got the go-ahead last month to allow cross-border two-way yuan lending for Taiwan companies, which enables them to utilize their onshore and offshore yuan funds more efficiently with better flexibility.
The deal was done for Kunshan President Enterprises Food Co, a subsidiary of Uni-President Group.
HSBC said it has set up a master account and obtained a two-way lending quota totaling 1.49 billion yuan (US$243.5 million) for the firm. The first transaction has been sealed, with 10 million yuan transferred to this master account from its related overseas firm.
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