HSBC gets China’s nod on RMB-Yen trade
Posted by on Wed, Jun 06 2012 01:29 pm
The Hongkong and Shanghai Banking Corporation (HSBC) China has got approval of Chinese central bank to be a market maker for direct trading of local currency RMB and Japanese Yen in the inter-bank market.
With this approval, HSBC becomes one of the first market makers for the direct trading of RMB and Yen in China's foreign exchange market, according to an official statement of the bank.
HSBC China launched its RMB-Yen trading on Friday last, aiming to bring liquidity to the market.
The Daily Sun/Bangladesh/ 6th June 2012
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