Wider range of yuan exchange rates at HSBC

 HSBC has purposely selected two currency pairs for three key regions: Asia, Europe and the Americas. HSBC’s new offshore RMB are now paired with euro, British pound, Hong Kong dollar, Singapore dollar, Canadian dollar and Mexican peso.
“HSBC continues to lead from the front in innovation for offshore RMB products and services. No other bank currently offers CNH crosses on an interbank basis, a feature we believe will be pivotal to facilitating market liquidity. As one of the largest global FX market participants and a key player in the CNH space, we have a responsibility to our clients to take the lead in developing
a benchmark and market for direct CNH crosses," said Frederic Boillereau, HSBC’s Global Head of FX and Commodities.

Anita Fung, HSBC’s Chief Executive Officer, Hong Kong, added: “With China standing as the world’s largest exporting nation, demand for RMB has risen substantially. As a result, global payments transacted in RMB have risen at a faster pace than that of total payment transactions worldwide. The development of additional offshore RMB trading pairs to support payment settlement and hedging needs globally will be fundamental to the continued internationalisation of the RMB and will further reinforce Hong Kong’s status as the leading offshore RMB hub
globally.”