HSBC China will be among first market makers for the direct trading of the renminbi and yen after it was approved by China's central bank.
Direct currency trading is expected to strengthen the trade and investment ties between China and Japan.
"We are honoured to be appointed as a market maker for the new direct currency trading. Direct RMB-yen trading is a vital move towards building a representative and liquid onshore benchmark for major non-US dollar crosses. It is also a significant step forward in the internationalisation of China's currency, supporting the growing demand for RMB payment and settlement globally," s aid David Liao, Managing Director and Head of Global Markets, HSBC China.
"As one of the most active participants in China's interbank FX market and a leading international bank supporting RMB internationalisation developments, we will fully leverage our global FX trading expertise to provide liquidity to the market for RMB-yen trades."
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