HSBC Completes First US Cross-border RMB Trade Settlement Transaction
HSBC Bank USA (HSBC) has completed its first US cross-border renminbi (RMB) trade settlement transaction, following the extension of China’s RMB trade settlement pilot programme in June 2010.
This transaction was completed for Prime Time Fashions, a US-based designer, manufacturer and wholesaler of fashion apparel. Prime Time Fashions is a member of Waitex Group, which is one of the largest supply chain service providers in the U.S. and was recently ranked one of the top 200 largest privately owned companies in the Greater New York area by Crain’s New York Business.
The RMB trade settlement pilot programme, launched in July 2009, permits the use of RMB in cross-border trade between five pilot cities in mainland China and member countries of the Association of Southeast Asian Nations (ASEAN). The program was subsequently extended to 20 provinces in mainland China and to all countries worldwide in June of this year.