HSBC Renminbi (RMB) services

In April 2010 the Chinese government began implementing new regulations to permit the use of Renminbi (RMB), the official currency of China, in cross-border trade. RMB is also commonly known as Yuan or CNY.

The new regulations enable businesses around the world to conduct their cross-border business in RMB. The scheme permits RMB transactions (subject to local regulation) outside mainland China and (subject to approval by the People's Bank of China (PBOC)) within 20 cities and provinces across mainland China. The scheme is expected to bring about an increase in RMB cross-border settlement flows.

HSBC's participation

HSBC is located in 21 countries and territories across Asia and we have had a presence in China for 145 years. Our established presence in the region means we can help you navigate through this dynamic and rapidly changing regulatory environment and market.

Benefits of dealing with HSBC

• Access to in depth in-country and global market information: this includes support for your counter-party (if they bank with HSBC) to gain PBOC approval
• Market-leading customer service: highly experienced staff with in depth knowledge of payment systems and processing capabilities in China
• Single point of contact for all your banking requirements: same language, same time zone and direct access to colleagues on the ground in Asia
• Choice: working with HSBC means you can choose whether to hold your account in New Zealand, Hong Kong or mainland China

Benefits of using RMB

• Reduce risk and complexity: avoid the need to cross currencies by converting NZD directly to RMB
• Greater flexibility: when dealing with buyers / sellers in mainland China
• Expansion opportunities: you may be able expand your market in mainland China with access to new clients or buying partners simply due to some counterparties preferring to deal in RMB
• Convenience: you can hold RMB funds in New Zealand

Find out more

For more information about HSBC's RMB services, please contact your HSBC Corporate Relationship Manager or Cash Management Specialist.

If you are not an existing HSBC customer, please email corporatebanking@hsbc.co.nz.