First Cross-Border RMB-Peso Deal Done

Manila Bulletin, November 13, 2009 | Go to article overview
Save to active project

First Cross-Border RMB-Peso Deal Done


British bank HSBC recently transacted its first cross-border Renminbi (RMB)-Philippine peso exchange as part of the Chinese government’s program to improve trade relations between China and the region.HSBC Head of Corporate Banking, Junie Veloso said facilitating cross-border transactions is one of the bank's strongest business. “Our clients are benefiting from HSBC’s international franchise, particularly in the emerging markets where our network is second to none,” he said.HSBC is offering a range of RMB services such as a two-way exchange between RMB and the peso and other foreign currencies as well as outward and inward remittances for imports and exports made with Mainland designated enterprises.The first cross-border transaction was done with the Bank of Communications for one of its clients tradesettlement. "The strenght of out local knowledge and the presence in China coupled with on-shore support from our own office in the Philippines truly affords our clients the benefit of dealing with the world's local bank," said Veloso.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

First Cross-Border RMB-Peso Deal Done
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?