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Overseas lenders try out
By Maggie Zhang |
September 5, 2009, Saturday
|
Print Edition
Print Edition
OVERSEAS banks have started to use the yuan to pay for their cross-border transactions on a trial basis as they seek to tap the potential of the business.
HSBC Bank (China) Co said yesterday it has launched the yuan settlement for cross-border trade in Shanghai, Shenzhen, Dongguan and Guangzhou.
"We hope to see it (the trial) made widely available to all enterprises in future," said Richard Yorke, HSBC China president and chief executive officer. "The benefits of settling transactions in RMB (yuan) are obvious both in terms of cost and sales proceeds."
In April, the Chinese authorities allowed Shanghai and four cities in Guangdong Province in the south to settle trade using the yuan on a trial basis with businesses in Hong Kong, Macau and the 10-member Association of Southeast Asian Nations.
On Thursday, Bank of East Asia (China) Co said it has launched yuan settlement services in Shanghai, Guangzhou, Zhuhai and Shenzhen.
HSBC Bank (China) Co said yesterday it has launched the yuan settlement for cross-border trade in Shanghai, Shenzhen, Dongguan and Guangzhou.
"We hope to see it (the trial) made widely available to all enterprises in future," said Richard Yorke, HSBC China president and chief executive officer. "The benefits of settling transactions in RMB (yuan) are obvious both in terms of cost and sales proceeds."
In April, the Chinese authorities allowed Shanghai and four cities in Guangdong Province in the south to settle trade using the yuan on a trial basis with businesses in Hong Kong, Macau and the 10-member Association of Southeast Asian Nations.
On Thursday, Bank of East Asia (China) Co said it has launched yuan settlement services in Shanghai, Guangzhou, Zhuhai and Shenzhen.
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