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Luxembourg and other financial centres will benefit from cooperating closely with one another on the internationalisation of the renminbi (RMB). This was one of the themes discussed at the renminbi roundtable that HSBC held at its premises. Attended by The Right Honourable The Lord Mayor of the City of London, Alderman Alan Yarrow, as keynote speaker and hosted by HSBC Luxembourg’s CEO, Nigel H. Fielding, the event focused on how London and Luxembourg are developing the international RMB market.
Mark Boleat, the chairman of the City of London Policy Committee said: “London welcomes the work that Luxembourg has done to develop RMB business. The more the currency is used globally, the more effective and sophisticated products and services will become, bringing benefits to global financial markets and clients as a whole. Business links between Luxembourg and the UK have always been strong and the roundtable led by HSBC on the topic of internationalisation of the RMB highlights the importance of engagement between the financial centres. The session provided an opportunity for stakeholders based in both markets to freely discuss their experiences and to identify potential areas for collaboration, in line with the ongoing process of RMB internationalisation.”
According to the speakers, the renminbi presents huge opportunities for businesses. Jeffrey Guo, head of China Affairs in HSBC London, said: “Proudly bearing the names of two important Chinese cities - Hong Kong and Shanghai - in our name, HSBC has a strong China commitment. Our expertise and network mean we are well placed to support Chinese companies that want to invest and do business overseas with RMB.”
Thanos Ktenas, Strategy Implementation senior manager in HSBC Luxembourg, said: “HSBC is proud to be at the forefront of the internationalisation of the renminbi. This gives us unique insight into and an in-depth understanding of the particular implications of transacting in renminbi and the broader rules of doing business in China.”
In Luxembourg, HSBC is increasing RMB activity in its four businesses, offering RMB funds and related services to investors, RMB bank accounts for corporate clients and RMB investments to private clients. This reflects the Group's strategic priority of RMB internationalisation and aims at building Luxembourg's position as a leading RMB hub.
Le contenu de ce communiqué de presse est de la seule responsabilité de son auteur: "HSBC"