HSBC Kuwait starts RMB settlement service

HSBC Kuwait has launched an RMB clearing
service which it said will allow Kuwaiti corporate and
institutional clients to trade and settle payments in the Chinese
currency offshore.

Simon Vaughan Johnson, CEO, HSBC Kuwait said
that the demand for RMB was on the rise. HSBC Kuwait said its
central treasury team in Kuwait will now manage RMB payments
locally, so they can now pay an offshore supplier in RMB without an
onshore presence in Hong Kong or China.

Johnson said:

“As restrictions are lifted, it is on course
to become one of the world’s global currencies within a few
years”.

“HSBC has unique knowledge and experience of
working in China, which can only benefit local companies in Kuwait
and we see this new service as one which will help to develop
business relationships between Kuwait and China, as well as
differentiating HSBC Kuwait in the local market place.”