(31 May 2011 – Australia) Burgeoning trade between China and Australia has encouraged HSBC to offer yuan-dominated products aimed at both the retail and wholesale banking markets here in Australia.The move by HSBC, which has already identified Australia as a key growth market, is another illustration of the growing demand for yuan products as trade links between the world’s second biggest economy and resource-rich Australia grow.
It also highlights the growing internationalisation of the yuan, which HSBC predicts is on its way to being one of the top three trading currencies in the world.
Deposits, foreign exchange, trade finance and bond issuance will be among the products on offer.
‘Given that China is Australia’s number-one trading partner and already accounts for around one-fifth of our trade (the yuan) is expected to play an increasingly important role in Australia’s international trade,’ Paulo Maia, chief executive officer of HSBC Bank Australia, said.