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HSBC boosts RMB trade settlement services to 59 markets globally

In the first five months of 2012, HSBC has broadened its global renminbi (RMB) network coverage to 59 markets with RMB Trade Settlement capabilities. The recent launch of RMB Trade Settlement services in Jordan further consolidates HSBC's position as the leading international RMB bank and complements its existing RMB Trade Settlement capabilities in 19 Asia-Pacific markets.

HSBC'S RMB Trade Settlement solution suite provides customers the benefit of reduced exchange costs if buying and selling in RMB, the option to exchange RMB offshore, and the flexibility to receive and hold RMB trade receipts offshore. Specific RMB Trade Settlement products and services available to customers include RMB Receivables Finance, RMB Trade Settlement Accounts, RMB Remittances, RMB Exchange and RMB Import and Export. The expansion of HSBC's RMB Trade Settlement capabilities globally is part of the Bank's greater offshore RMB product and service range.

The expansion of HSBC's RMB Trade Settlement services to Jordan corresponds to the increased usage of offshore RMB for international trade and payments. According to SWIFT data, global RMB payments expanded by 13.2% month-on-month in March 2012 compared to total worldwide payments growth of 8.6% during the same time period.

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