Related News

HSBC has become the first foreign bank to offer documentary credit (DC) advising services in partnership with a local Chinese bank. The bank’s enhanced ChinaExpress service will give trade customers access to over 2,700 offices in 137 cities across mainland China through the tie up with Bank of Communications.

ChinaExpress is the first trade product rolled out jointly by HSBC and Bank of Communications, allowing export customers in China to benefit from the combined networks of the two banks without additional correspondent bank charges.

Alistair Currie, head of trade services, Asia Pacific, says: “ChinaExpress strengthens our position as the leading provider of trade services in Asia Pacific. We are pleased to offer ChinaExpress at a single tariff and with market-leading turnaround times, leveraging the combined networks of both Bank of Communications and HSBC across mainland China.

“HSBC offers a full suite of trade products and solutions in China including import and export services, trade financing, forfaiting, factoring, electronic DC advising and internet trade services. We also provide expert trade advisory to customers through our team of over 200 dedicated trade staff in the mainland. ChinaExpress is available to all trade clients.”

Commenting on HSBC’s China business, Richard Yorke, chief executive officer, China, remarks: “China’s international trade volumes have been growing strongly. 2005 saw export volumes soar 28.4% to US$762bn. HSBC continues to build on our in-depth local knowledge and long history in the country, and HSBC’s export customers will enjoy peace of mind with their export DCs being handled by one of the most experienced trade teams in China.”