UK Export Finance ('UKEF'), the UK's export credit agency, has today announced it is able to support medium to long-term funding in renminbi ('RMB'). HSBC, UKEF and a leading Chinese company have signed a Memorandum of Understanding to co-operate together towards finding a workable structure for the purposes of funding future capital equipment financing in RMB.
Douglas Flint, Group Chairman, HSBC added: “HSBC is a leader in the renminbi market and export finance, and is committed to working with our clients to support their needs as the currency internationalises. The bank is pleased to be able to work with UKEF and our Chinese client in the development of this new financing tool, and we will work together to make this a successful project."
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