Mandates and payments roundup, February 15

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...