Friday, January 14 2011 11:18
HSBC Armenia corporate customers can now effect cross-border trade settlements in Renminbi (Chinese Yuan)
ArmInfo. HSBC Bank Armenia current and prospective corporate customers involved in import and export trading business with China, can now effect outward remittances for trade settlements with their eligible partners in Mainland China in Chinese Yuan. As a result of recent changes passed by The People's Bank of China, the coverage of cities and provinces included in the scheme to conduct cross-border trade settlements in Chinese Yuan has been extended to 20, including Shanghai, Guangdong, Beijing, Guangxi, Sichuan and other cities.
The new service is beneficial for companies, as it allows to effect direct payments without additional foreign exchange cost, receive funds in Chinese Yuan and freely convert it into other currencies.
"According to the data of National Statistical Service of RA, China holds the second position in the commodity circulation with Armenia. Survey, conducted by our specialists showed that China tops the list of countries that HSBC customers trade with. So, presenting the Renminbi cross-boarder trade settlements service to the market is in line with our strategy of being the best bank for international business in Armenia. It provides HSBC customers with the convenience in their trade businesses with China," said Astrid Clifford, Chief Executive Officer HSBC Bank Armenia cjsc.
To recall, China occupies the 2nd position in the foreign commodity turnover of Armenia for Jan-Nov 2010 - $390 million (9.1% of total foreign turnover). This figure grew 55.5% over the year, the National Statistical Service of Armenia told ArmInfo. Export from Armenia to China grew 76.2% for Jan- Nov to $28 million and import grew 54.1% to $362 million.
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