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.

(MT)


Read more

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

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.