HSBC given China trading green light
(9 March 2007 – China) HSBC is the first foreign bank to have been appointed a primary dealer in the Chinese central bank’s open market operations.
The appointment means HSBC will be able to trade directly with the central bank in its bill issuance and repurchase business, and will have better information on the Chinese government’s monetary policy trends.
HSBC, which will trade out of its Shanghai branch, has been joined by China International Capital Corp, which has also been selected as a primary dealer.
'In line with an appraisal of open market operations’ primary dealers and demand of monetary policies, the number of primary dealers will continue to be 52 in 2007 and is announced herewith,' China’s central bank said.
HSBC, which will trade out of its Shanghai branch, has been joined by China International Capital Corp, which has also been selected as a primary dealer.
'In line with an appraisal of open market operations’ primary dealers and demand of monetary policies, the number of primary dealers will continue to be 52 in 2007 and is announced herewith,' China’s central bank said.
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