HSBC has received regulatory approval to be one of the first market makers for direct onshore trading of the renminbi (RMB) and the United Arab Emirates dirham (AED) as well as the Saudi riyal (SAR) in China's interbank foreign exchange market.
It said this is another first for the bank, demonstrating its continued leadership in RMB internationalisation. The bank participates in the trading when the currency pairs are launched this week.
"Direct trading of these two currency pairs will further facilitate trade and investment flows between China and the Middle East, a region key to China's ambition of revitalising the old Silk Road through its Belt and Road initiative." said Ryan Song, Executive Vice President and Head of Global Markets for China at HSBC.
"Use of the RMB has been rising across the Middle East region over the last few years. Take the UAE for example, SWIFT data shows that its use of the RMB in 2015 accounted for 74 per cent of all payments by value with mainland China and Hong Kong, an increase of 52 per cent compared to 2014." he added.
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