RMB Product Business Heats Up&Nbsp; Foreign Banks Show Their Abilities

With the internationalization of RMB and cross-border trade RMB The settlement business is heating up day by day, foreign capital The enthusiasm of banks for RMB related products and services is growing. With the strategy of launching various RMB related investment products in the Hong Kong offshore RMB market, many foreign investors bank The industry began to launch more and more complex RMB product related businesses for individuals, enterprises and financial institutions in the mainland.

The reporter learned from DBS Bank (China) yesterday that DBS Group plans to invest S $250 million in the next five years to further promote foreign exchange, fixed income and other businesses in Asia, and it is expected that RMB related businesses will become a strong growth point in this field in the future.

"With the deepening of RMB internationalization, DBS is committed to building RMB business across foreign exchange transactions, bonds, structured products and hedging solutions by virtue of its network advantages in Greater China. Through the close cooperation between Hong Kong and Macao and the mainland, as well as Taiwan and the mainland, it provides various trade related products and solutions, investment services and structural products for individuals, enterprises and financial institutions. " Wu Weihong, managing director and director of the treasury market department of DBS Bank, said.

It is understood that DBS can provide RMB products including money market, spot, forward, currency swap, structured products, bonds and so on in mainland China. Moreover, since this year, DBS has also tried to become a bond market maker in China, and has become one of the first currency swap participants.

Just two weeks ago, Citigroup also released a comprehensive set of RMB agency and trust service products to corporate and institutional customers in Hong Kong, and made an important upgrade to the RMB product portfolio. This product can cover RMB bonds, loans, third-party custody, structured finance transactions and other business contents, and further increase the activity of the international RMB market. It is understood that at present, Citigroup has been able to support the delivery of RMB denominated global bonds in the European Settlement System and the International Settlement System. The RMB services supported by the bank include account services, fixed deposit, remittance, working capital management, trade, foreign exchange, custody and fund services.

"As Hong Kong is rapidly becoming an offshore RMB service center, customers are also in urgent need of more comprehensive financial solutions. We need to constantly launch innovative RMB products to meet customer needs and help customers capture market development opportunities." said Ben Lumleysmith, regional director of Asia Pacific Agency and Trust Department of Citigroup Global Trading Services.

Huang Bijuan, President and Chief Executive Officer of HSBC (China), also said earlier that with China's growing influence on the global economy and trade, customers' demand for RMB services worldwide will gradually cover a wider range of fields such as trade, capital markets, investment, insurance, etc. At present, HSBC has the ability to carry out cross-border trade RMB settlement services in 33 countries and regions around the world, and will continue to actively participate in and promote the global application of RMB related businesses in the future.