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30 September 2010
New York - HSBC Bank USA, N.A. announced today that it has completed its first U.S. cross-border Renminbi (RMB) trade settlement transaction, following the extension of China’s RMB trade settlement pilot program in June 2010.
This transaction was completed for Prime Time Fashions, a U.S. based designer, manufacturer and wholesaler of fashion apparel. Prime Time Fashions is a member of Waitex Group, which is one of the largest supply chain service providers in the U.S. and was recently ranked one of the top 200 largest privately owned companies in the Greater New York area by Crain’s New York Business.
"HSBC is well positioned to assist U.S. companies in understanding the benefits and considerations associated with conducting trade in RMB, as they take advantage of business opportunities in one of the fastest growing economies in the world. This highlights our continued focus on helping companies navigate the ever-changing international business environment,” said William Nowicki, Head of Trade and Supply Chain - North America.
The RMB trade settlement pilot program, launched in July 2009, permits the use of RMB in cross-border trade between five pilot cities in mainland China and member countries of the Association of Southeast Asian Nations (ASEAN). The program was subsequently extended to 20 provinces in mainland China and to all countries worldwide in June of this year.
“HSBC is always at the forefront of helping companies like ours facilitate international business. The opportunity to use RMB settlement will give us additional options when working with China-based suppliers,” said founder and owner of Waitex Group, Howard Li.
“With our colleagues in China forecasting that nearly half of China's imports and exports will be settled in RMB in the next three to five years, it is important that we bring such FX capabilities to our U.S. clients doing business in or looking to tap opportunities in China,” added Dan Silber, HSBC’s Deputy Head of Global Markets and Head of Foreign Exchange and Metals for the Americas.
HSBC Group has introduced RMB capabilities and products across much of its worldwide network and has completed a number of notable transactions. Some of the highlights include: the first international bank to complete RMB denominated trade settlements across all ASEAN sites, the first foreign bank to issue RMB bonds in Hong Kong, the first international bank to offer RMB current account and check services, and the first to establish a RMB trade finance standard rate.
HSBC Bank USA, National Association operates more than 470 bank branches throughout the United States. There are more than 375 in New York state as well as branches in Connecticut, Washington, D.C., Florida, New Jersey, Pennsylvania, Maryland, Virginia, California, Delaware, Illinois, Oregon and Washington State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC USA Inc. is one of the nation's largest bank holding companies by assets. HSBC Bank USA, N.A. is a member of the FDIC.
HSBC Bank USA, N.A., with total assets of $186 billion as of 30 June 2010, serves its 3.8 million customers through its personal financial services, commercial banking, private banking, asset management, and global banking and markets segments.
HSBC Trade and Supply Chain is one of the largest trade services organizations in the world. Our award-winning international trade expertise combines over 140 years of extensive experience in international trade with a unique blend of local knowledge, supported by advanced technology and our extensive network of dedicated trade services offices in over 60 countries and territories worldwide.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, North America, Latin America and the Middle East. With assets of US$2,418 billion at 30 June 2010, HSBC is one of the world's largest banking and financial services organizations. HSBC is marketed worldwide as 'the world's local bank'.
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