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||13 November 2009
HSBC Vietnam introduces yuan-denominated border trade
HSBC Vietnam, in cooperation with Bank of Communications (BoCom), HSBC Group’s strategic partner in China, has announced its first cross-border trade in yuan between a local enterprise and its partner in China, VNBusinessNews.com reported.
This achievement will pave the way for more trade opportunities for Vietnamese companies with China, according to HSBC in a statement. HSBC Vietnam completed the first yuan-denominated cross border trade remittance last Friday for a Vietnamese company trading with its supplier in Shenzhen, China.
This was a prelude to the services available for yuan accounts offered by HSBC Vietnam, including opening yuan operating accounts for yuan inward remittances and outward payments related to trades made between Chinese and Vietnamese enterprises, term deposits placement, trade services and foreign exchange between yuan and Vietnam dong or other foreign currencies.
The bank said that adding yuan to the existing settlement currencies would better facilitate trade between Vietnamese and Chinese enterprises and help them better control foreign exchange risk.
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