Standard Chartered is pleased to announce the establishment of the Global RMB Trading team in Financial Markets. Led by Charles Feng, Global Head of RMB Trading, and Regional Head of FX, Rates & Credit Trading in Northeast Asia, the Global RMB Trading team comprises traders across key markets in Hong Kong, Shanghai, Taiwan, London, and New York, with additional support from trading teams in other locations.
As RMB gains traction in its use and acceptability globally, Standard Chartered has seen rising investment and hedging demand from clients globally on RMB products. Clients are looking for seamless pricing and information round the clock. They also want to understand the market opportunities and implications from regulatory changes relating to the rapid development in RMB internationalisation. The Global RMB Trading team has the dedicated focus of sharing such information across the Bank’s network, beating time zone differences and ensuring global pricing consistency for all our clients.
Commenting on this initiative, Nitin Gulabani, Global Head of FX, Rates and Credit, said, “I am very excited that we now have a global trading team supporting our clients 24/7. Being available round the clock means that we are better able to provide clients with more transparent and consistent pricing and equip them with timely and relevant solutions for risk management.”
Standard Chartered has been leading on and enhancing our RMB capabilities for our clients in line with the currency’s internationalisation journey. Earlier this month, Standard Chartered China signed a RMB 100 million one-year interest rate swap with HSBC Bank (China) on the new Loan Prime Rate (LPR) introduced by the People’s Bank of China. The establishment of this market-based benchmark loan marks another important step forward for RMB interest rate liberalisation in China. With new LPR oriented products, we can look forward to help our clients better manage their interest rate risks with greater flexibility.
In August, the Bank also announced the new RMB Solutions Team in Client Coverage, with team members across Hong Kong, London and New York, to provide advisory and deliver bespoke solutions to help clients capture opportunities arising from the internationalisation of the RMB.
Other dedicated RMB initiatives which Standard Chartered has put in place to date include a dedicated CNH Products Head (focusing on capital raising and offshore financial markets solutions) and a RMB Products Head for Transaction Banking (focusing on cash and trade solutions).