HSBC responds to SWIFT announcement on US strengthening its position as leading offshore RMB clearing hub

Published 

In response to SWIFT’s announcement that the United States has strengthened its position as a leading offshore RMB clearing centre, Debra Lodge, Head of RMB Business Development for North America, HSBC Bank USA, N.A., comments:

“A doubling of RMB payments between the United States and China over the past 12 months demonstrates the RMB’s growing importance and clearly shows that U.S. companies are becoming increasingly comfortable in settling payments in RMB. It also indicates that Chinese companies are increasingly willing to provide RMB invoicing.”

Background:
The United States strengthens its position as a leading offshore RMB clearing centre
3 June 2014

SWIFT’s RMB Tracker shows that offshore CNY growth is increasingly taking place in non-traditional RMB centres, such as the United States

SWIFT data shows that United States’ RMB payments value increased by 327% between April 2013 and April 2014, making the United States number three in terms of RMB world payments value, excluding China and Hong Kong.

In April, a total of 2.6% of RMB payments value was carried out via the United States, up from 1.3% one year ago. Singapore remains in the top position followed by the United Kingdom.

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