VANCOUVER, Jan. 19 /CNW/ - HSBC Bank Canada has completed the first
Canadian international Renminbi (RMB) trade settlement transaction,
following the extension of China's RMB trade settlement pilot program
in June 2010.
This inaugural transaction was completed for Maynards Industries, a
global expert in industrial auction, appraisal and liquidation services
with corporate headquarters in British Columbia.
Mark Watkinson, Executive Vice President, Commercial Banking and
Regional President, Central and Eastern Canada, HSBC Bank Canada, said:
"China is one of the fastest growing economies in the world, and as
such, provides enormous business opportunities for Canadian companies
doing business internationally. The ability to conduct trade in RMB may
assist them in taking advantage of these opportunities. Through our
global banking network, we are uniquely positioned to help our clients
understand the considerations of conducting trade in RMB and navigate
the evolving international business market."
The RMB trade settlement pilot program, launched in July 2009, permits
the use of RMB (China's currency) 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 2010.
Aaron Stewardson, Chief Operating Officer, Maynards Industries, said:
"The opportunity to use RMB settlement will give Maynards valuable
additional options when working with our network of China-based
partners and clients. This successful first transaction reinforces
HSBC's industry leadership in international business finance practice."
The HSBC Group has introduced RMB capabilities and products across much
of its worldwide network and has completed a number of notable
transactions. Some of the highlights include: the first international
bank to complete RMB denominated trade settlements across all ASEAN
sites, the first international bank to complete RMB trade settlement
across six continents, the first foreign bank to issue RMB bonds in
Hong Kong, the first international bank to offer RMB current account
and cheque services, and the first to establish a RMB trade finance
Watkinson added: "China's continued, explosive growth in the world trade
market will likely result in a significant increase in Chinese imports
and exports being settled in RMB. As a global bank, it is imperative
that we provide foreign exchange capabilities that will allow our
Canadian clients to do business even more efficiently in China."
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, has more than 260
offices, including over 140 bank branches, and is the leading
international and trade finance bank in Canada. With around 8,000
offices in 86 countries and territories and assets of US$2,418 billion
at 30 June 2010, the HSBC Group is one of the world's largest banking
and financial services organizations.
SOURCE HSBC Bank Canada
For further information:
|Ernest Yee |
Vice President, Corporate Affairs
HSBC Bank Canada
|Fabrice de Dongo|
Senior Manager, Public Affairs
HSBC Bank Canada