HSBC China announced on Friday that it has been approved to be one of the first market makers for direct trading of the Chinese currency Renminbi (RMB) against the Canadian dollar in the inter-bank foreign exchange market.
HSBC China Vice President Song Yuesheng said the launch will facilitate trade and cross-border investment between China and Canada and increase the presence of the RMB in the North American market.
He said China and Canada have cooperated extensively on the internationalization of the Chinese currency with the establishment of an offshore RMB clearance bank in Toronto. HSBC will continue to help companies and institutions seize business opportunities as China pushes for increased usage of the RMB in the global market.
HSBC is an active player in China’s foreign exchange market making business. It was among the first market makers for currency trade of the RMB against the Japanese yen, Australian dollar, New Zealand dollar, euro, Singapore dollar, Swiss franc, South African rand, UAE dirham and Saudi riyal.