HSBC led the way in this key industry poll for an extraordinary 9th consecutive year. Our role in supporting RMB’s development as an international trade, investment and reserve currency has been recognised and valued by our customers.
HSBC’s unique position as the leading foreign bank in China, supported by our global network, means we are ideally positioned to meet clients’ growing RMB needs. Even though mainland China and Hong Kong, where most of the votes are cast, were battling COVID-19 when this year’s Asiamoney RMB Poll opened, customers still found time to vote us as the Best Overall Bank for RMB Products and Services for the ninth straight year.
“Over the past year our teams have stayed close to regulatory developments and our clients’ needs in RMB business, which enabled us to grasp every opportunity to pioneer market firsts. This has affirmed our status as a leading bank in the internationalisation of the Chinese currency,” said Justin Chan, Head of Greater China, Global Markets, HSBC.
The Asiamoney poll is recognised as a comprehensive client-oriented poll covering the full range of onshore, offshore and cross-border RMB services. The poll results rank the RMB service providers such as HSBC based upon votes from corporates, financial institutions and investors who use RMB services.
Highlights of the past year include:
- Registering with the People’s Bank of China to use our Hong Kong entity as the internal hub for all our cross-border foreign exchange (FX) trading globally – boosting our ability to offer international clients direct access to offshore RMB FX conversion and hedging via local HSBC entities
- Executing the world’s first cross-border RMB blockchain Letter of Credit (LC) – this was also the first blockchain LC transaction in which both clients were based in the fast-growing Greater Bay Area
- Supporting the first interest rate swap trade via the central counterparty clearing model in the China Interbank Market for an overseas institutional investor, allowing international clients to tap into China’s bond market
- Being appointed as trustee and designated margin depository bank for the first iron ore futures exchange traded fund in Hong Kong
- Driving more usage of RMB along the Belt and Road – HSBC Egypt remitted its first RMB payment to China for a leading Chinese infrastructure company, bringing the client savings on foreign exchange and fees
HSBC also supported the recovery from COVID-19 with RMB effort. We issued Certificates of Deposit (CD) worth RMB1 billion in China’s interbank market, with the funds used to support companies involved in helping to control the spread of the virus, and those providing daily necessities.
HSBC was one of the first foreign banks to issue CDs for this purpose in China, reinforcing our long-term commitment to be the leading international bank in the market.