HSBC has ranked No.1 for Best Overall RMB Products and Services for the tenth consecutive year in the Asiamoney Global RMB Poll 2021.
In addition to this extraordinary achievement, HSBC was voted Best Overall offshore and onshore RMB Products and Services, cementing our position to service domestic and international customers.
Our role in supporting RMB’s development as an international trade, investment and reserve currency has been recognised and valued by our customers. This year’s Asiamoney RMB Poll opened in the midst of the pandemic. But our customers, especially from mainland China and Hong Kong, still found time to vote us as the Best Overall Bank for RMB Products and Services for the tenth straight year.
HSBC’s unique position as the leading foreign bank in China, supported by our global network, means we are ideally positioned to meet clients’ growing RMB needs.
“This year, we are looking forward to a number of key milestones for the RMB internationalisation including the launch of GBA Wealth Connect and the Southbound Bond Connect, as well as the FTSE WGBI index inclusion. As the RMB continues to evolve as an investment currency, these developments will further boost its cross-border usage, and we are excited to remain partners with our clients as RMB integrates more into global financial markets,” said Vina Cheung, Global Head of RMB Internationalisation and Head of Product Management, North Asia, Global Liquidity and Cash Management, Asia Pacific, HSBC.
The Asiamoney poll is recognised as a comprehensive client-oriented poll covering the full range of onshore, offshore and cross-border RMB services. The poll results rank the RMB service providers such as HSBC based upon votes from corporates, financial institutions and investors who use RMB services.
Highlights of the past year include:
- HSBC (China) facilitated market-first securities lending transactions and onshore private fund investment under QFII/RQFII, which included facilitating market-first short selling transactions under these schemes
- In foreign exchange, HSBC Korea is the only non-Chinese foreign bank of Yuan-Won (CNY/KWR) direct market maker approved by Bank of Korea
- Among the first banks to support RMB payments when Faster Payment System (FPS) was launched in Hong Kong SAR transacting over 9,500 transactions totalling over RMB1.8 billion in 11 months
- Implemented first cross-border RMB cash pooling solution for FIG investment firm in HSBC China optimising client’s capital management and ability to redeploy/reinvestment funds
- HSBC launched the bank’s first structured deposit product under HSBC Green Bond Framework, offering retail customers with sustainable investment opportunities and support China’s sustainable development. HSBC is one of the largest providers of ESG-linked Structured Product in Asia Pacific.
For more details about HSBC’s RMB solutions and capabilities, please contact your relationship manager.