First Cross-Border RMB-Peso Deal Done

Article excerpt

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. …