The move is yet another body blow to dollar dominance. According to the Financial Times, it will give “the world’s biggest player in trade finance a key role in Beijing’s push to expand use of the renminbi.”
London-based HSBC is one of the world’s largest banking and financial institutions. It was founded in 1865 to facilitate trade between Europe and Asia. HSBC operates in over 60 countries across Asia, Europe, North America, and the Middle East.
HSBC already indirectly participates in Cips. By becoming a direct participant in the payment system, the bank’s Hong Kong unit will be able to directly settle payments in renminbi for the first time.
According to the Financial Times, HSBC is in the midst of a “sweeping overhaul” that will set up its UK and Hong Kong units as separate divisions.
A bank executive said the move to join Cips is “in response to the needs of our customers.” […]
— Read More: headlineusa.com
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