Cairo – Mubasher: HSBC Egypt announced it has commenced dealing in China’s Renminbi (RMB) for its corporate clients.
This move came following the approval by the Central Bank of Egypt (CBE), according to a press release.
The bank’s dealing with RMB was based on the healthy bilateral trade growth between Egypt and China, which hit $13.8 billion in 2018, up 27.7% from in 2017.
Trading in RMB will enable Egyptian businesses to secure more appealing terms when doing business with China, the release indicated.
Yasser Yehia, head of global markets at HSBC Egypt, said: “As Egypt continues to strengthen its trade and investment links with China, we are delighted to be able to offer our corporate clients in Egypt access to RMB, a currency that is rapidly emerging as a global trade, investment and reserve currency. We are already seeing strong interest from clients in RMB, with five deals completed at launch.”
Corporates familiar with the RMB now have access to natural hedging of payables, receivables, assets, and liabilities through HSBC Egypt, as well as foreign exchange forward and options hedging solutions
Moreover, the bank provides its clients with a complete solution to manage FX flows and trade settlement in RMB, the release noted.
It is worth noting that HSBC was the first bank to settle RMB in six continents, with RMB capabilities available across 50 markets.
