HSBC has become one of the first market makers for direct onshore trading in China’s interbank foreign exchange market between the renminbi (RMB) and seven other currencies.
This is another landmark for the Bank, demonstrating its continued leadership in RMB internationalisation. Directing trading of the RMB with Danish Krone, Swedish Krona, Norwegian Krone, Hungarian Forint, Polish Zloty, Turkish Lira and Mexican Peso will help lower the foreign exchange costs of domestic companies in China and stimulate RMB use in cross-border trade and investments with counterparts in these seven countries.
HSBC is one of the most active players in China's interbank foreign exchange market, being the only foreign bank approved for all of the RMB’s direct trading pairs available to date.
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