HSBC has received regulatory approval to be one of the first market makers for direct onshore trading of the renminbi and the euro in China’s interbank foreign exchange market.

 

Ryan Song, head of markets for China at HSBC, said: “Direct trading brings together the renminbi with the world’s second-most actively traded currency, and is a significant step in the renminbi’s globalization. The trade and investment ties between China and the European Union, as two of the world’s major economies, can be further strengthened through the greater convenience of direct trading in this pair."

 

HSBC is one of the most active players in China’s interbank foreign exchange market. It was among the first market makers when direct renminbi convertibility was launched for the ringgit, yen, Australian dollar, New Zealand dollar and pound.