HSBC Completes RMB Trade Settlement Across Six Continents
HSBC has completed a renminbi (RMB)-denominated trade settlement across six continents, after announcing the completion of its latest deal in Brazil. The landmark transaction was closed for Groupo Tellerina, a retailer of house and decoration products.
Peter Wong, HSBC’s chief executive officer (CEO) for Asia-Pacific, said: “China’s position within the global economy is developing rapidly and its growing influence is undeniable. We estimate that annual trade flows will cross US$2 trillion within five years, easily positioning the RMB as one of the top three currencies used in global trade. As the RMB becomes a major settlement currency, our global connectivity and unrivalled RMB experience provides customers with a significant advantage.”