VANCOUVER, June 27, 2012 /CNW/ - HSBC Bank Canada has launched the new Renminbi (RMB) Commercial Savings Account in Canada. The Account is the first offered by a major financial institution in Canada, and will enable commercial banking clients to hold funds locally in China's currency.
Linda Seymour, Executive Vice President, Commercial Banking and Regional President, Central and Eastern Canada, HSBC Bank Canada, said: "China continues to be one of the world's fastest growing economies and our economic research predicts it to be the world's largest economy by 2050. Because China is the world's largest exporting nation, the demand for RMB has risen substantially and global payments transacted in RMB have outpaced total payment transactions worldwide." 1
The potential advantages of transacting directly in RMB include better pricing from China-based vendors and suppliers, a speedier payment process and helping to reduce foreign exchange risk. Customers can transact from the new RMB Commercial Savings Accounts with no monthly fees2.
With the addition of this account, HSBC Bank Canada now offers commercial savings accounts in the following seven foreign currencies - US Dollars, Swiss Francs, the British Pound, Japanese Yen, the Euro, the Renminbi and the Hong Kong Dollar - the largest suite of such products offered by a major financial institution in Canada.
The Hongkong and Shanghai Banking Corporation Limited has had a continuous presence in mainland China for 147 years. In 2010, The HSBC Group introduced RMB capabilities and products across much of its worldwide network, and has since completed a number of notable transactions.
Specifically, in January 2011, HSBC Bank Canada completed the first Canadian international RMB trade settlement transaction. And earlier this year, HSBC rolled out six new currency trading pairs tied to the offshore RMB and is now providing a continuous 24-hour streaming of rates for RMB crosses with the Euro, British pound, Hong Kong dollar, Singapore dollar, Canadian dollar and Mexican peso.
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in Canada. With around 7,200 offices in over 80 countries and territories and assets of US$2,637bn at 31 March 2012, the HSBC Group is one of the world's largest banking and financial services organizations.
Notes to Editors:
- In March 2012, payments worldwide rose 8.6% from February. Payments transacted in RMB increased 13.2%. (Source: Swift RMB Tracker April 2012 - based on payment transactions made over the SWIFT network; does not capture domestic mainland China payments, which does not use the SWIFT network.
- Standard transaction fees, as listed in our Statement of Disclosure, will apply
For further information:
Vice President, Corporate Affairs
HSBC Bank Canada
Fabrice de Dongo
Senior Manager, Public Affairs
HSBC Bank Canada