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 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
Benefits of using RMB
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 firstname.lastname@example.org.