31 March 2005
HSBC has launched renminbi (RMB) services in Beijing, becoming the first foreign bank to provide local currency services in the Chinese capital.
HSBC is now able to provide RMB services to local as well as international corporations, paving the way for increased business with the capital's growing domestic companies.
The RMB services offered by the Beijing branch include deposits, loans, buying and selling government bonds and financial bonds, letters of credit and bank guarantees, inter-bank lending and foreign exchange.
HSBC's CEO China Business Dicky Yip attended an inauguration ceremony (pictured) to celebrate the RMB launch. "This is another milestone in HSBC's efforts to be the forerunner among foreign banks in mainland China," he said.
"All of our branches in China that qualify for RMB banking have now been granted approval to provide this vital service."
