Companies trading with Chinese partners can now open renminbi commercial current accounts in Hong Kong with HSBC, just the latest step in the Chinese currency's slow internationalisation.
Opening a renminbi commercial current account provides corporates with more flexibility when doing trade settlement, said Albert Chan, head of commercial banking for Hong Kong at HSBC. He explained that traders can now use cheques, in addition to remittances, when settling trade in the Chinese currency locally.
Launched on March 23, renminbi accounts are available to any company in Hong Kong, except financial institutions and insurance companies, and can be opened at any local HSBC branch. The bank is the first foreign institution to...
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