HSBC Bank says it will be the first bank in Malta to offer the means to complete cross-border direct settlements in Chinese Renminbi (RMB).

Letters of credit (L/Cs) and guarantees denominated in the Chinese currency will be available for Maltese companies doing business with China.

Maltese provision

Maltese companies will soon be able to maintain accounts with HSBC in RMB from which they can make transfers and settle in the Chinese currency.

The bank says more details of its trade settlement services in Malta will be announced shortly.

Global record

HSBC is one of the more progressive banks in terms of providing RMB denominated L/Cs and guarantees.

In November 2010, it became the first international bank to complete an RMB trade settlement across all six continents.

The bank has built its RMB trade services on its large presence in China and Hong Kong and increasing worldwide demand for transactions to be settled in the Chinese currency.

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