As demand for RMB transactions continues to grow, HSBC Holdings has joined the Mainland's Cross-Border Interbank Payment System (CIPS).
The bank, which considers Hong Kong its largest market, stated that by joining CIPS, it will play an essential role in meeting the increasing client demand for solutions that facilitate RMB transactions.
Previously, Liao Yijian, Co-Chief Executives of HSBC Asia Pacific, said at the SWIFT International Banking Operations Seminar that the dominance of the US dollar is "diminishing" and that the bank's clients are increasingly seeking solutions for RMB transactions. Joining CIPS will make it easier for overseas corporate clients to use RMB for trade and investment, while also helping to reduce costs.
Liao added that HSBC HK's decision to join CIPS is in direct response to client demand, and he believes there is still significant room for the global use of the RMB to grow.
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