HSBC has capitalised on China’s evolving regulatory landscape to notch a series of transaction banking firsts.
Most notably, it secured the People’s Bank of China’s first approval for an RMB-denominated cross-currency netting structure, integrating nine Philips organisations into the group’s global treasury model. The structure compresses thousands of cross-border transaction flows into a single monthly RMB settlement, sharply reducing costs, processing time and FX exposure, while supporting Beijing’s push to internationalise the currency.
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