HSBC completes first Chinese renminbi trade

HSBC Corporate Banking Ireland has completed its first cross-border Chinese renminbi (RMB) trade transaction this week, becoming the first bank to announce such a transaction in Ireland.

The significance of the deal is that it enables HSBC’s client in the services sector to buy from its suppliers in China in their own currency.

It also means that for the first time, funds from the Chinese arm of HSBC’s business can be brought back into Ireland.