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HSBC starts yuan cross-border trade settlement service

(皇冠体育app Daily)
Updated: 2009-09-05 11:07

HSBC 皇冠体育app launched its renminbi cross-border trade settlement services Friday in Shanghai, and Shenzhen, Guangzhou and Dongguan of south 皇冠体育app's Guangdong province.

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The bank has also been granted the status of a domestic agent bank and is able to open onshore yuan accounts for overseas banks participating in the pilot program.

The Bank of 皇冠体育app, 皇冠体育app's largest foreign exchange bank, transacted the country's first cross-border yuan trade settlement deal on July 6.

皇冠体育app's State Council, or Cabinet, announced in April a pilot program to allow exporters and importers in Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan to settle cross-border trade deals in renminbi, or yuan.