HSBC has issued its first renminbi (Rmb) cashier’s order in Hong Kong.
The order was issued on behalf of Hong Kong’s largest herbal tea group, Hung Fook Tong Holdings.
The Rmb cashier’s order provides customers with a faster method for guaranteeing payments without requiring beneficiary account numbers.
“The development of Rmb investment products and increasing cross-border settlement in Rmb in Hong Kong is gaining traction,” says Albert Chan, HSBC’s head of commercial banking in Hong Kong.
“As penetration of Rmb products and increased trade settlement are likely to gather momentum, customers will demandincreasing options from banking partners. The availability of Rmb cashier’s orders meets demand for Rmb payment solutions that are both flexible and convenient,” Chan continues.