HSBC last week became the first foreign bank to take advantage of relaxed rules on renminbi transfers as it injects Rmb2.8 billion into its China business.
Wong, who takes the step up from deputy CEO, has more than 25 years of commercial and investment banking experience in Greater China and the Asia-Pacific region.
Richard Yorke, HSBC's China president and CEO, talks to FinanceAsia about the expansion of the lender's network and the competition among local and foreign banks in the world's fastest growing economy.
Domestic lenders, which in the past have had little advantage over their foreign peers in terms of banking services and products, have turned into “formidable competitors”, PwC says.