Headquartered in Jersey, Channel Islands, HSBC Expat is to start marketing the new service to its costumers towards the end of June 2012.
HSBC Expat move comes following growing customer demand for RMB services from the expat community.
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HSBC’s announcement comes alongside research highlighting the increased RMB use by European corporate and institutional investors.
According to a City of London report, investors with an interest in China have welcomed the availability of RMB products and services.
"The usage of RMB outside China has grown significantly in recent years – helping it to climb up the ladder towards becoming a world payments currency. Understanding the perspectives of current and potential users of RMB products and services will help to develop the services offered to these firms, grow the liquidity pool in London and contribute to the international use of the RMB outside mainland China," said Mark Boleat, City of London Corporation policy chairman.
"The vision of the City of London initiative is to strengthen London’s role as a leading centre for international RMB business. Such industry cooperation is an important part of the development of London’s offer – providing services for corporates, investors and intermediaries across Europe and beyond," he said.
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By GlobalData
Source: Private Banker International
