Lender also provides ringgit exchange service through its branches in 24 key Chinese cities.
HSBC Bank (China) Company Limited (“HSBC China”) has been appointed a market maker to provide Malaysian ringgit liquidity as the Mainland on Thursday opened its domestic foreign exchange market to trades of the ringgit against the renminbi (RMB). HSBC is only one of three banks and the only foreign bank market marker for China’s sixth currency pair launched on Thursday.
HSBC China started trading the new currency pair on China’s interbank forex market Thursday. It will also provide ringgit exchange service through its branch network spanning 24 major cities in Mainland China, the largest network of any foreign bank.
David Liao, Managing Director, Head of Global Markets at HSBC China, said: “This is another step to facilitate bilateral trading and investment activities between Mainland China and other Asian markets. HSBC is pleased to be among the first market makers for this new currency pair. This capability adds to our credentials in providing diversified forex solutions for our customers.”
HSBC China is also one of the most active forex market markers for China’s first five currency pairs - RMB versus USD, JPY, HKD, EUR and GBP in the China Foreign Exchange Trading System (CFETS). It is also the top ranked market maker for the cross currency pairs in CFETS.
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