Support The Moscow Times!

HSBC Offers Yuan Product

HSBC bank has begun to offer letters of credit in Chinese yuan, it announced Thursday in an e-mailed statement.

The first company to use the service was Ostin, a subsidiary of Sportmaster. The new product lets clients negotiate more favorable terms of payment for international contracts, the bank said. Conducting trade settlements in yuan will also allow vendors to avoid risks associated with currency fluctuations. HSBC uses funding in yuan through both Shanghai and Hong Kong.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.