HSBC Bank Malaysia Bhd has issued its Renminbi (RMB)-denominated documentary credit (DC), another first for the bank following its achievement in being the first to execute an RMB trade settlement in Malaysia last year.
The DC was issued pursuant to the Chinese government's pilot launch in July 2009 to facilitate the use of RMB in cross-border trade which applies to trade between five designated mainland cities, including Shanghai, Guangzhou, Shenzhen, Dongguan and Zhuhai and Hong Kong Special Administrative Region, Macau Special Administrative Region and Asean member countries.
"This is a very significant step for us towards many more exciting tag heuer replica trade opportunities in RMB with China. We have seen an increase in trade flows between China and Asean markets in recent years. Our RMB capability in Malaysia and Asean puts us in a strong position to present a value proposition and help our customers expand their international trade business with mainland China," said Lawrence Yong, director trade and supply-chain, HSBC Bank Malaysia in a statement yesterday.
Being the first foreign bank to settle cross-border trade in RMB in Hong Kong, HSBC has subsequently completed its first transactions in Malaysia, Brunei, Indonesia, Singapore, Thailand, the Philippines and Vietnam, in cooperation with its strategic partner Bank of Communications (BoCom).
The first pandora beads DC was issued to a beneficiary outside of mainland China - representing a strategic milestone in the expansion of the use of RMB in pandora charms trade settlement outside China and Malaysian businesses.
"In the current environment, businesses are increasingly looking overseas, particularly China for new opportunities. Through HSBC's international franchise and expertise in trade finance, we are able to offer customers the competitive edge by creating real benefits for them in supporting their businesses and international trade," Yong said.
HSBC's RMB trade settlement services will cover all common types of import and export trade transactions including under DCs, bank guarantee and documentary collections.
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