HSBC Malta offers trading with China in yuan

HSBC Bank Malta started as the first bank in Malta to offer the facility of trading with China through direct trade settlements in yuan, HSBC's head of yuan business development Rongrong Huo stated on Tuesday.

At the HSBC Malta Business Breakfast meeting entitled "RMB: Supporting Rising Ambition," Huo said HSBC Bank Malta is offering Maltese businesses a distinct trade advantage and helping financial institutions understand the yuan investment opportunities as trade opportunities between Malta and China are growing.

Huo said that China continues on its path towards greater economic liberalization, new opportunities and benefits for global trade in China's yuan are arising.

Moreover, she said, by internationalizing yuan through offshore financial markets, China is achieving new levels of openness and transparency while continuing to relax rules over its home market and making further actions towards yuan full convertibility under capital account.

"The world stands to gain from Chinese capital in the coming years," she concluded.