HSBC Expat, an offshore subsidiary of HSBC
Holdings, has launched a Chinese Renminbi (RMB) initiative,
allowing its clients to use the Chinese currency across its
savings, deposit and foreign exchange products and services.
Headquartered in Jersey, Channel Islands, HSBC
Expat is to start marketing the new service to its costumers
towards the end of June 2012.
HSBC Expat move comes following growing
customer demand for RMB services from the expat community.
European investors lead RMB
HSBC’s announcement comes alongside research
highlighting the increased RMB use by European corporate and
According to a City of London report,
investors with an interest in China have welcomed the availability
of RMB products and services.
“The usage of RMB outside China has grown
significantly in recent years – helping it to climb up the ladder
towards becoming a world payments currency. Understanding the
perspectives of current and potential users of RMB products and
services will help to develop the services offered to these firms,
grow the liquidity pool in London and contribute to the
international use of the RMB outside mainland China,” said Mark
Boleat, City of London Corporation policy chairman.
“The vision of the City of London initiative
is to strengthen London’s role as a leading centre for
international RMB business. Such industry cooperation is an
important part of the development of London’s offer – providing
services for corporates, investors and intermediaries across Europe
and beyond,” he said.